Red Emperor Resources NL Suspension of trading on the ASX (7701V)
November 07 2017 - 4:13AM
UK Regulatory
TIDMRMP
RNS Number : 7701V
Red Emperor Resources NL
07 November 2017
7 November 2017
Red Emperor Resources NL ("Red Emperor")
Suspension of Trading on the Australian Securities Exchange
Red Emperor Resources NL ("Red Emperor" or the "Company")
announces that trading of the Company's securities on the
Australian Securities Exchange ("ASX") has been suspended today as
the ASX has determined that the Company does not have sufficient
operations to warrant the continued quotation of its securities in
accordance with ASX Listing Rule 12.1. The suspension will continue
until the Company is able to demonstrate either compliance with
Chapter 12 of the ASX Listing Rules or it recompiles with Chapters
1 and 2 of the ASX Listing Rules.
The Company disagrees with the ASX's position and continues to
engage the ASX to seek further clarification on this ruling.
As announced in the Company's Quarterly Report, dated 31 October
2017, the Company retains a holding in Block SC55 in the
Philippines and an agreed work program is scheduled to commence
once all JV equity interests are confirmed. However there have been
lengthy delays in ratifying the Company's equity interest increase
from 15% to 37.5% at the Philippines Department of Energy.
The Company also announced that last week it signed a binding
Heads of Agreement with an exploration firm to identify a number of
leases in California, prospective for oil & gas, with a view to
acquiring those leases.
Trading of the Company's securities on AIM will continue at this
time.
For further information, please visit
http://www.redemperorresources.com/ or contact:
Red Emperor Resources:
Greg Bandy +61 8 9212 0102
Grant Thornton UK LLP (Nominated Adviser):
Philip Secrett, Jen Clarke 020 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 07, 2017 04:13 ET (09:13 GMT)
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