Scotgold Resources Ltd De-listing from ASX (3167K)
September 20 2016 - 5:31AM
UK Regulatory
TIDMSGZ
RNS Number : 3167K
Scotgold Resources Ltd
20 September 2016
19 September 2016
SCOTGOLD TO DELIST FROM ASX
Further to the announcement dated 18 August 2016, Scotgold
Resources Limited (ASX:SGZ; AIM:SGZ) (Scotgold or the "Company")
confirms that ASX has accepted its application and resolved to
remove the Company from the official list, subject to the
satisfaction of the conditions set out in the full ASX decision
outlined in the Annexure.
The Company has now agreed with the ASX that the Company will be
delisted from the official list at 4pm (Sydney time) on 21 October
2016 and the last day of trading of shares in the Company will be
19 October 2016. A letter is expected to be sent to all
shareholders on the Australian sub-register shortly.
No change will occur to the quotation and trading of Scotgold on
the London Stock Exchange's AIM market. Scotgold's securities will
remain tradable as Depository Interests (DIs) on AIM under the code
SGZ and Australian shareholders will be entitled to transfer their
shares to DIs to be traded on AIM. Details will be provided to
existing shareholders regarding trading of their shares on AIM.
Implications for Shareholders on the ASX
In order to trade securities on AIM, holders of securities on
the ASX will need to have their securities registered as DIs on
AIM. Detailed instructions on the options available to shareholders
on the Australian register and what actions they can take will be
contained in the letter to shareholders on the Australian
sub-register shortly.
Queries in relation to the transfer of shares to AIM may be
directed to Computershare Shareholder Enquiries on (AUS) 1300 850
505, or (OS) +61 (03) 9415 4000.
For further information please contact:
Scotgold Resources Stockdale Securities Capital Markets Vicarage Capital
Limited Limited Consultants Limited
------------------- --------------------- ----------------- -----------------
Richard Gray Robert Finlay/ Simon Rothschild Rupert Williams
- CEO Edward Thomas
------------------- --------------------- ----------------- -----------------
Tel: +44 (0)1838 Tel: +44 (0)20 Tel +44 (0)7703 Tel: +44 (0)20
400 306 7601 6100 167 065 3651 2911
------------------- --------------------- ----------------- -----------------
Annexure - full terms of ASX's decision
"RESOLVED
1. Based solely on the information provided, ASX Limited ("ASX")
resolves to remove Scotgold Resources Limited (the "Company") from
the official list of ASX pursuant to listing 17.11, on a date to be
decided by ASX in consultation with the Company, subject to
compliance with the following conditions.
1.1 The Company sends written or electronic communication to all
security holders whose securities are held on the Company's
Australian register, in form and substance satisfactory to ASX,
setting out:
1.1.1 the nominated time and date at which the entity will be
removed from the ASX official list and that:
(a) if they wish to sell their securities on ASX, they will need
to do so before then; and
(b) if they don't, thereafter they will only be able to sell the
underlying securities on-market on the Alternative Investment
Market ("AIM"),
1.1.2 specifically what they will need to do if they wish to
sell their securities on AIM, including the conversion of ASX
listed fully paid ordinary shares to AIM Depositary Interests.
1.2 The removal shall not take place any earlier than one month
after the date the information in Resolution 1.1 has been sent to
security holders.
1.3 The Company releases the full terms of this decision to the market.
2. ASX has considered listing rule 17.11only and makes no
statement as to the Company's compliance with other listing
rules.
BASIS FOR DECISION
LISTING RULE 17.11
UNDERLYING POLICY
3. ASX may remove an entity from the official list of ASX at the
request of an entity. Removal from the ASX official list at an
entity's request recognises that remaining listed may no longer be
suitable for a listed entity at a particular stage in its
existence. There is no requirement for ASX to act on the request.
ASX's power not to agree to requests for delisting enables it to
ensure that delisting is not sought for inappropriate reasons or
conducted in a way that is clearly harmful to the market or to
security holders' legitimate interests. ASX may impose conditions
on granting the request. The power to impose conditions enables ASX
to ensure that an orderly market is maintained in the period
leading up to the delisting, and that the listed entity makes
appropriate arrangements in connection with its delisting. These
may include: giving advanced notice, of an amount of time which is
adequate to the particular circumstances; seeking security holder
approval for delisting; assisting security holders to trade the
entity's securities in another market for a period before or after
delisting; or providing alternative arrangements for security
holders to exit their investment before or after delisting.
FACTS AND REASONS FOR DECISION
4. The Company is listed on ASX and AIM and is seeking removal
from the official list of ASX. The Company will maintain a listing
on AIM on which the majority of its trading occurs. The removal
will assist the Company in reducing administrative and compliance
costs. The Company considers that the costs of maintaining an ASX
listing outweigh the benefits. ASX will agree to the removal
request on the conditions stipulated in paragraph 2.6 of ASX
Guidance Note 33- Removal of Entities."
This information is provided by RNS
The company news service from the London Stock Exchange
END
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