TIDMSGZ
RNS Number : 5164H
Scotgold Resources Ltd
18 August 2016
18 August 2016
INTENTION TO VOLUNTARILY DE-LIST FROM ASX
Scotgold Resources Limited (ASX:SGZ; AIM:SGZ) (Scotgold or the
"Company") advises that it has applied for a voluntary de-listing
of its securities from trading on the Australian Securities
Exchange (ASX). The de-listing date is expected to be 7 October
2016, subject to final confirmation from ASX.
The Company notes that on 22 June 2016 the ASX advised the
Company that, on an in-principle basis, it would accept an
application from the Company to de-list from ASX, subject to the
meeting of certain conditions. The full terms of the in-principle
decision from ASX are attached to this announcement.
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.
Reasons for de-listing
The decision to de-list from the ASX is due to a number of
factors including the limited trading volume of securities in
Scotgold on the ASX over a sustained period of time. Over the past
6 months approximately 98% of the securities trading occurred on
AIM. Further, approximately 87% of the securities in Scotgold are
held by UK residents or already registered as DIs on AIM.
In addition, the Company's key assets are all located in the
United Kingdom (with some early stage interests in Europe) and the
Company has limited business in Australia. As a result, the Board
considers the regulatory and other costs associated with
maintaining the ASX listing cannot be justified.
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
dispatched to those shareholders upon confirmation from ASX of its
final decision.
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.
Richard Gray, CEO of Scotgold, commented:
"The Company continues to follow its stated ambition to reduce
corporate overheads and prepare our structure for the development
of the Cononish Mine. The voluntary delisting from the ASX will not
only significantly reduce associated costs and management time, but
will consolidate trading onto one market that our UK based
management team is best placed to serve."
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
------------------- --------------------- ----------------- -----------------
Terms of in-principal decision from ASX
"ASX's decision is as follows:
1. Subject to Resolution 2, and based solely on the information
provided, on receipt of an applicationfor removal from the official
list of ASX Limited
("ASX") under listing rule 17.11 by Scotgold Resources Limited
("the
Company"), ASX would be likely to remove the Company from the
official
list of ASX, on a date to be decided by ASX, 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 upon making a formal application to ASX to remove the
Company from the official list of ASX.
2. Resolution 1 applies only until 22 September 2016 and is
subject to any
amendments to the listing rules or changes in the interpretation
or
administration of the listing rules and policies of ASX.
3. ASX has considered listing rule 17.11 only and makes no
statement as to the
Company's compliance with other listing rules.
It should be noted that under ASX Listing Rule 18.3, ASX may
vary or revoke this waiver at any time."
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEASPPFSEKEEF
(END) Dow Jones Newswires
August 18, 2016 02:00 ET (06:00 GMT)
Scotgold Resources (LSE:SGZ)
Historical Stock Chart
From Aug 2024 to Sep 2024
Scotgold Resources (LSE:SGZ)
Historical Stock Chart
From Sep 2023 to Sep 2024
