Beacon Hill delists from ASX
JOHANNESBURG (miningweekly.com) – Following an announcement in September that Beacon Hill Resources had been given approval by the ASX to be removed from the exchange’s official list, the company will be delisted and, therefore, no longer be traded on the ASX after the close of trading on January 23.
No change would occur to the quotation and trading of Beacon Hill shares on the Aim.
Commenting on the delisting, CEO Rowan Karstel said, with only 0.34% of the company's shares held on the secondary Australian register, the board concluded that the ongoing maintenance costs of the ASX listing were not justifiable, as Beacon Hill sought to reduce its administrative costs."
“For the most part, our traded volume and liquidity is on the LSE, where we have our primary listing,” he said in a statement.
Shareholders participating in the share sale facility who were yet to have their shares sold following the delisting date would now have their shares offered for sale on Aim, with the proceeds distributed on completion.
All other holders of CHESS Depository Interests (CDIs) would have their CDIs converted into ordinary shares on Aim on or around the delisting date and physical share certificates will be issued.
The Johannesburg-headquarted resources company had three projects that provided the group with exposure to the steel production industry – the Minas Moatize coal project and the Changara coal project, both in Tete, Mozambique, and the Arthur River magnesite project, in Australia.
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