Nyota Minerals Limited Update on ASX lsiting (6599F)
May 19 2017 - 4:49AM
UK Regulatory
TIDMNYO
RNS Number : 6599F
Nyota Minerals Limited
19 May 2017
19 May 2017 For immediate release
Nyota Minerals Limited
("Nyota" or the "Company")
Formal request for removal from official list of ASX
The Board of Nyota (ASX/AIM: NYO) announces that the Company has
today written to the ASX pursuant to ASX Listing Rule 17.11 making
a formal request to be removed from the official list of ASX.
The Company's shares have been suspended from trading on ASX
since 15 November 2016.
The Company's shareholder base is now predominantly based in the
United Kingdom. It's recent capital raisings are predominantly
subscribed by UK-based investors. Approximately 86% of the
Company's share capital is now held by shareholders who are not
resident in Australia. In addition, maintaining dual listings on
ASX and AIM is expensive and a cost that the Company cannot
currently continue to pay. The Board has considered that a single
listing in a jurisdiction where the majority of its shareholders
are, where the Company's broker is situated, and where future
capital is expected to be sourced would be a better allocation of
capital. Further, the Company has no Australian based business
activities.
It is intended that the Company's securities will continue to be
traded on AIM. There is a liquid market for the Company's
securities on AIM and as such the Board does not believe that
removal from the official list of ASX would unfairly prejudice the
Company's shareholders.
The Company notes that ASX is not required to act on the
Company's request for removal from the official list and may
require conditions to be satisfied before it will act on the
request.
Should the Company be removed from the official list of ASX, the
Company will seek to:
(a) convert all ASX-listed shares into depositary interests that can be traded on AIM;
(b) engage a stockbroker to facilitate sales on behalf of
Australian shareholders on AIM and, if requested by the
shareholder, convert and remit the net proceeds in Australian
dollars. This facility will be in place for a minimum of 12 months;
and
(c) arrange for the sale of small holdings in accordance with
clause 12.14 and Schedule 5 of the Company's constitution, and
remit net proceeds to those shareholders whose small holdings are
sold.
As announced on 18 May 2017, the Company is currently preparing
the Notice of Meeting for an Extraordinary General Meeting ("EGM").
At the EGM, the Company intends to seek shareholder approval for
removal of the Company from the official list of ASX as a matter of
good governance. A further announcement concerning the EGM and
publication of the Notice of Meeting will be made in due
course.
The Board will make a further announcement to the market once it
is advised by ASX whether or not it will agree to the request and
of any conditions that ASX requires to be satisfied before it will
act on the request.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 956/2014.
For further information please visit www.nyotaminerals.com or
contact:
Director, Nyota Minerals +44 (0) 207 628
Andrew Wright Limited 3396
=============== ========================== ================
Michael
Cornish Beaumont Cornish Limited +44 (0) 207 628
James Biddle Nominated Advisor 3396
=============== ========================== ================
Peterhouse Corporate +44 (0) 20 7469
Eran Zucker Finance Limited 0930
=============== ========================== ================
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 19, 2017 04:49 ET (08:49 GMT)
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