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Great link to Summit which explains everything very clearly. Roll on multibagger.
Here's a recent example of an AIM delisting, SMMT had dual listing and is now flying high on Nasdaq ( almost doubled since listing in February ), and shareholders AIM shares were converted to Nasdaq shares. Gla :-)
February 11, 2020 05:00 ET | Source: Summit Therapeutics plc
Summit Therapeutics plc
(“Summit Therapeutics” or the “Company”)
AIM Delisting Reminder
Oxford, UK, and Cambridge, MA, US, 11 February 2020 - Summit Therapeutics (AIM: SUMM, NASDAQ: SMMT), a leader in antibiotic innovation, issues a reminder that, as previously announced and pursuant to AIM Rule 41, the Company’s ordinary shares of one penny nominal value (“Ordinary Shares”) will cease to be admitted to trading on AIM at 7.00 am on 24 February 2020. Accordingly, the final day of trading on AIM of the Company’s Ordinary Shares will be 21 February 2020.
The Company’s American Depositary Shares (“ADSs”) will remain listed on the Nasdaq Global Market and all public trading of shares in the Company after that date will take place on that exchange; one ADS is represented by five Ordinary Shares. Thereafter, Ordinary Shares will continue to be capable of being held and transferred in certificated form, but there will be no public market in the UK on which the shareholders of the Company will be able to trade Ordinary Shares.
Shareholder are able to convert Ordinary Shares into ADSs and by doing, are able to trade such ADSs on Nasdaq. Further information can be found on the Company’s website at https://www.summitplc.com/investors/investor-centre/ under the heading “AIM Delisting FAQs”.
In any case, if you decided to hold for the probable uplift on Nasdaq, (that’s after they inform the market of it going ahead, and taking shareholders votes), then your shares convert to ADS, at a ratio of 5:1 ... you can then trade them on Nasdaq with your broker. It’s not rocket science.
“on the NASDAQ Global Market each ADS represents five (5) Ordinary Shares.”
For the avoidance of doubt.
Planned switch to Bermuda Q2, probably a delay.
Seek shareholder consent. Need to call a GM and take votes.
None of the above had been informed to maker yet. There will be notice of it happening when it happens.
“ announces that it has appointed advisers in relation to an intended redomicile of the Company to Bermuda which is anticipated to occur by Q2-2020, as a consequence of the redomicile the Company will not be seeking to re-admit its ordinary shares on AIM and will therefore seek shareholder consent for its shares to be cancelled from AIM when the redomicile occurs. A further announcement will be made in due course.”
Well fancy meeting you here Iqbal. lol
Firstly, they have proposed the move to Nasdaq will happen as they relocate the business to Bermuda in Q2 2020 (read RNS).. Q2 is now. There will be slim chance of relocating their business while travel and business is so restricted, possibly a delay.
Further to that, they also need shareholder consent (read the RNS) before any move. Thus, they’ll need to call a general meeting and take shareholder votes.
So yes there’s a possibility of it happening over the next 6 to 12 months, but there will also be plenty of notice. You are not going to wake up one day and it’s delisted lol
Not every body wants their shares transfer ed to nazdaq as its not easy to take out.you have to fill in a form for United states to confirm you can buy and sell shares ! do people really want to do that!
You are attempting to cause panic when there is none———holders will have their shares transferred to the Nasdaq by their broker automatically, they can then trade as per normal.......if it happens
Just letting newbies know .its good to know otherwise ppl are not aware of these things.
We know all about it.....you are the one late to the party——-it’s not set in stone anyway
Its true though.have a look at rns.they could announce any time!
Oh bore off.....we’ve talked about this a million times, a move to the nasdaq could send this stratospheric
tils is about to be cancellation from aim any time.have a look at rns .this is too risky!!