ASX approves Primero’s request to delist
TORONTO (miningweekly.com) – The ASX has approved Primero Mining’s request to voluntarily delist from the Sydney-based bourse. The delisting will take effect on December 30.
Toronto-based Primero launched the application at the start of the month, citing the low volume of trading, when compared with the TSX and NYSE, as the main reason for doing so.
The ASX said that the company’s shares would officially cease trading on December 23, and Primero was responsible for providing a facility through which holders of the company's CHESS Depositary Interests (CDIs) could sell their underlying shares on the NYSE and the TSX through an ASX-participating organisation for a period of not less than three months after the delisting date.
Primero said Macquarie Capital Markets Canada would act as the broker to Primero in connection with the voluntary sale facility and compulsory sale facility.
Since its listing on the ASX in May, CDIs held on the Australian register had declined from about 14% of the company’s total issued share capital, to less than 7%, at the start of the month.
As a result, Primero had determined that sustaining the administrative and compliance costs of an ASX listing were not in its, and its shareholders’, best interest.
The company, which has operations in Mexico, intended to maintain its dual listing in Toronto and New York.
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