Photo by: Bloomberg
PERTH (miningweekly.com) – Minerals developer IMX Resources plans to de-list from the TSX, owing to lacklustre trading on the Canadian bourse.
The company, which is also listed on the ASX, has submitted its application to delist from the bourse, which it expected would occur on August 10.
The decision to delist was based on several factors, IMX told shareholders on Friday. This included the limited trading volume of IMX shares on the TSX over a substantial period of time, with more than 99% of securities traded over the last 12 months occurring on the ASX.
The decision was also driven by the low ownership of IMX shares on the Canadian register, where only 1% of the company’s shares were held.
As a result, IMX considered the regulatory and other costs associated with maintaining the TSX listing as unjustifiable.
Canadian security holders would now have to have their holdings transferred to the Australian share register.