Photo by: Bloombeg
PERTH (miningweekly.com) – Dual-listed gold miner Endeavour Mining has requested a delisting from the ASX, while undertaking a massive share consolidation.
The share consolidation would be done on the basis of ten pre-consolidation shares for every one post-consolidation share, reducing the number of outstanding shares from about 590.2-million to 59-million, the company reported on Tuesday.
Meanwhile, Endeavour had also applied to the ASX to have its listing removed on the bourse, with trading expected to close on January 4, and the company ceasing to be an ASX-listed entity on January 11.
Endeavour had previously said that the decision to delist from the ASX was based on the low volume of trading of the company’s chess depository shares (CDIs), compared to the shares on the TSX, as well as the decreasing number of CDIs held on the Australian register.
Since listing on the ASX in 2011, the company’s CDIs held on the Australian register have declined from about 53% of the issued share capital to less than 7.1% on the completion of the recent La Mancha transaction.
Endeavour said that CDI holders would be given the option of either converting their CDIs into underlying Endeavour TSX-listed shares, selling the CDI’s on the ASX before the suspension date, participating in a voluntary share sale facility, or having their CDIs sold under the compulsory share sale facility beginning in March next year.
On Monday, Endeavour reported that it had completed the gold investment company La Mancha Holdings’ assets. The company is now officially producing 580 000 oz/y from five operating mines in four West African countries.