Kentucky Fried Chicken (Bermuda) Ltd has given a notice of intent to delist its shares from The Bermuda Stock Exchange (BSX).Eighty one percent of shareholders voted in favour of delisting at the company’s annual general meeting (AGM) held on Friday.KFC Bermuda first announced its intention to delist in November 2009, having initially said the previous May that it was considering the move due to the increasing costs associated with being a publicly-listed company.At the time, chairman Donald Lines said in his letter to shareholders that the company believed it was in the best interests of its shareholders to delist from the BSX, but added that insufficient shareholders were represented at its AGM in May 2009 to support the resolution in favour of the move.In a filing with the BSX, Mr Lines said that while the company respected and recognised the importance of having a public exchange in Bermuda, it was not using the BSX to raise capital nor was the public actively trading its shares on the Exchange.“We have valued our long relationship with the Bermuda Stock Exchange and the board’s decision to recommend to the shareholders that the company’s shares be withdrawn was not taken lightly,” he said.“However, we believe that it is in the company’s best interests to move forward as a private entity and we are gratified that after having carefully considered both the pros and cons of the delisting the shareholders overwhelmingly agreed with the board’s recommendation.”Mr Lines also confirmed KFC Bermuda will continue with its share buyback programme and advised all interested shareholders to contact the company’s registrar and transfer agent Waterstreet Corporate Services Ltd if they wanted to sell their shares.KFC announced the repurchase of 350 of its shares at $6 per share in August 2010, with the company’s shares being cancelled, according to an announcement made on the BSX.The company’s last day of listing has yet to be confirmed by the BSX but will not be more than 90 days from the date of the delisting announcement.KFC endured a tough fiscal 2011 with its profits dropping more than one quarter to $167,480 or 29 cents per share from $234,656 or 40 cents per share from the previous year as sales continued to decline and staff costs rose.Increased staff costs resulted in a $89,925 or 44.7 percent fall in operating income, while 2011 sales were $5.032 million, down $249,390 or 4.7 percent, from the prior year.Operating expenses declined by $97,546 or 2.6 percent, as tight cost controls by management enabled declines in all expense categories except payroll costs and benefits which increased slightly, year over year.