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Saturday, January 26, 2019 - 1:08:32 PM
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Mining News Pro - European lead/zinc explorer Europa Metals has submitted a formal application to be removed from the official list of the ASX and plans to move its main listing from Johannesburg to London.
According to Mining News Pro - Further, the company also applied to move from the main board of the JSE to the AltX. As a result, its primary listing is expected to become the Aim market operated by London Stock Exchange.
Following due consideration and to streamline the company’s listing and compliance costs, the directors of Europa Metals have resolved that the continued listing of the company’s securities on the ASX official list is no longer in the best interests of the company and its shareholders.
Factors considered by the board include the predominance of the Aim listing, low liquidity on the ASX, limited operations in Australia, lack of Australian investor interest and the additional costs to the company’s business of maintaining three listings.
Europa states that ASX has advised that it will likely grant the request and remove the company from the official list on a date to be decided by ASX, subject to the company`s compliance with a number of conditions.
Europa intends to comply in full with the conditions and proposes to send the notice to all Australian shareholders on or around January 30. Europa will seek to maintain its listing on the ASX for about five weeks after the notice is sent to all Australian shareholders.
Europa expects to be removed from the official list on March 8. Until such time, Europa’s ordinary shares will continue to trade on an uninterrupted basis on the ASX.
Following the company’s removal from the official list, Australian shareholders will have their CHESS holdings automatically converted to the certificated sub-register on the Australian register. The sub-register will be treated as unlisted and accordingly, the securities held by Australian shareholders will not be able to be traded on the ASX.
Australian shareholders wanting to trade Europa’s securities on the Aim, will need to convert their shares into “depository interests” to facilitate trading via CREST.
Alternatively, Australian shareholders wishing to hold or trade Europa’s securities on the JSE will need to arrange to have their ordinary shares repositioned to a broker or central security depositary participant in South Africa that is suitably licensed to hold or trade securities on behalf of Australian residents/entities.
Short Link:
https://www.miningnews.ir/En/News/331001
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