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LONDON (Alliance News) - Harvest Minerals Ltd on Thursday said it applied for the removal of its shares from the Australian Securities Exchange, leaving it just with a listing on the London Stock Exchange's AIM market.
"Following due consideration and in an effort to streamline listing and compliance costs, the directors of Harvest have resolved that the continued listing of the company on the official list is no longer in the best interests of the company and its shareholders," the company said in a statement regarding the Sydney listing.
The Australian company took into account that AIM has become the more dominant exchange for Harvest, with about 72% of its listed securities being traded in London since listing there in September 2015.
Another factor was that the low trading volume and liquidity in Australia means that "any significant trading leads to increased daily volatility" on that exchange. "This volatility may prevent investors from making an accurate assessment of the actual value of the company," Harvest said.
Harvest also cited a lack of Australian investor interest and the cost of maintaining a dual listing.
Shares in Harvest were down 1.6% at 4.68 pence in London on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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