TIDMXEL
RNS Number : 1363Z
Xcite Energy Limited
16 September 2015
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO
DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
TSX-V, LSE-AIM: XEL
16 September 2015
Xcite Energy Limited
("Xcite" or the "Company")
Voluntary Delisting from TSX Venture Exchange
Xcite announces that it has applied for voluntary delisting of
its ordinary shares from the TSX Venture Exchange ("TSX-V").
Xcite's ordinary shares are currently listed for trading on the
TSX-V and the AIM market of the London Stock Exchange ("AIM").
The directors of the Company believe that the minimal trading
activity of Xcite's ordinary shares on the TSX-V no longer
justifies the expense and administrative requirements associated
with maintaining this dual listing, and that Xcite's continuing AIM
listing provides its shareholders with a sufficiently liquid
market.
Subject to its application being accepted by the TSX-V, it is
expected that the ordinary shares will be delisted from the TSX-V
at the close of trading on 30 September 2015, with Xcite's ordinary
shares continuing to trade on AIM under the ticker "XEL".
Implications of the delisting for shareholders on the Canadian
register
Following delisting from the TSX-V, the Company will also be
closing its Canadian share register and replacing it with a new
share register in the British Virgin Islands ("BVI") maintained by
Computershare Investor Services (BVI) Limited (the "BVI
Register").
The Company's Canadian share register will, however, remain open
until 30 November 2015, in order to enable shareholders and
Canadian Depository for Securities ("CDS") participants currently
on the Canadian register to request, if they wish, to have
depositary interests ("DIs") in respect of their holdings issued to
a broker/nominee within CREST, the United Kingdom ("UK") settlement
system. Xcite is incorporated outside the UK and is listed on AIM
in London. Xcite uses DIs to enable electronic transfer and
settlement within CREST for trading of its ordinary shares on
AIM.
If CDS participants or shareholders on the Canadian register
have not activated a DI issuance request by 30 November 2015, their
holding will be automatically moved to a certificated holding on
the BVI Register and they will be sent a new physical share
certificate. Canadian share certificates previously issued will
become null and void at such time. Following delisting,
shareholders trading their holdings not held in the form of DIs
within CREST may encounter delays or additional expense.
Shareholders whose holdings are already held within CREST in the
form of DIs, or who wish to receive new share certificates from the
BVI Register need not take any action.
CDS participants or those with ordinary shares held by a broker
within CDS, who wish to have DIs issued in respect of their
holdings, should arrange for the CDS participant or broker to
complete and submit a Computershare xSettle Electronic Instruction
or a "Register Removal Request - CDS Withdrawals to UK Depositary
Interests" form to Computershare Investor Services Inc. (the
"Registrar") for the issue of DIs to their broker/nominee in CREST.
Shareholders who hold their shares through a Canadian broker are
encouraged to contact their broker to arrange for this to
happen.
Registered shareholders with share certificates who wish to have
DIs issued in respect of their holdings, will need to open an
account with a CREST broker/nominee and complete a "Register
Removal Request - Canadian Certificate to UK Depositary Interests"
form and submit it to the Registrar together with the original
Canadian share certificate(s). Alternatively, Canadian share
certificates can be submitted to the CREST broker/nominee for them
to arrange the issuance and deposit of the DIs into CREST.
These forms can be located here:
https://www-us.computershare.com/Investor/help/PrintableForms or on
the Company's website.
Shareholders are encouraged to contact Computershare Investor
Services Inc., the Company's Canadian share registrar for any
information about the delisting process on: toll free +1 866 277
2086; (or +1 781 575 4086 if dialling from outside Canada), or on:
+44 (0)370 702 0000 for shareholders in the UK.
Following delisting from the TSX-V, Xcite's ordinary shares and
DIs will continue to be transferable without being subject to UK
stamp duty.
Note for Canadian shareholders
The Company is a designated foreign issuer as that term is
defined in National Instrument 71-102 - Continuous Disclosure and
Other Exemptions Relating to Foreign Issuers ("NI 71-102"). The
Company is subject to the regulatory requirements of AIM, and is
exempt from certain continuous disclosure obligations under
Canadian securities laws for as long as it continues to qualify as
a "designated foreign issuer" and meet the requirements of NI
71-102.
ENQUIRIES:
Xcite Energy Limited
Rupert Cole / Andrew +44 (0)1483
Fairclough 549 063
Liberum (Joint Broker
and Nominated Adviser)
Clayton Bush / Jamie +44 (0)203
Richards 100 2222
Morgan Stanley (Joint +44 (0)207
Broker) 425 8000
Andrew Foster
+44 (0)203
Bell Pottinger 772 2500
Henry Lerwill
Forward-Looking Statements
Certain statements contained in this announcement constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to the Company's future
outlook and anticipated events or results and, in some cases, can
be identified by terminology such as "may", "will", "should",
"expect", "plan", "anticipate", "believe", "intend", "estimate",
"predict", "target", "potential", "continue" or other similar
expressions concerning matters that are not historical facts. These
statements are based on certain factors and assumptions including
expected growth, results of operations, performance and business
prospects and opportunities. While the Company considers these
assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect. Forward-looking
information is also subject to certain factors, including risks and
uncertainties that could cause actual results to differ materially
from what we currently expect. These factors include risks
associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates
oil and gas potential properties), the risk of commodity price and
foreign exchange rate fluctuations and the ability of Xcite to
secure financing. The Company disclaims any intention or obligation
to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except as
required under applicable securities regulations.
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCXELFFEKFFBBK
(END) Dow Jones Newswires
September 16, 2015 02:00 ET (06:00 GMT)
Xcite Energy (LSE:XEL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Xcite Energy (LSE:XEL)
Historical Stock Chart
From Apr 2023 to Apr 2024