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(Alliance News) - MC Mining Ltd said on Monday it expects to leave London's AIM market next month.
The Canberra, Australia-based developer of coal mines across South Africa noted that its majority shareholder Goldway Capital Investment Ltd has indicated it intends to also seek the delisting of MC Mining from the ASX and JSE, although the formal process has not started yet.
Goldway has said it owns relevant interest represented 93% of the company's issued shares.
On Monday, MC Mining said it expects the cancellation of admission of its shares to trade on AIM to take place on June 19.
MC Mining said Goldway has indicated it may exercise the general compulsory acquisition rights over all MC Mining shares Goldway or its associates do not already own. But Goldway has not yet confirmed whether it will proceed with this offer, it said.
"Consequently, it is currently expected that following the AIM cancellation becoming effective, the ordinary shares will continue to be listed and traded on the ASX and JSE," it said.
Also, MC Mining said it has no intention to provide a matched bargain facility following the AIM cancellation. However, in the event that Goldway proceeds with the delisting by MC Mining of the shares from both the ASX and the JSE, the company will reassess this position.
"Shareholders should note that there is no certainty that Goldway will exercise any compulsory acquisition rights, if eligible to do so, nor is there any certainty that a matched bargain facility will be put in place," it said.
In London, MC Mining shares dropped 7.1% to 6.14 pence on Monday afternoon. They remained unchanged at ZAR1.73 in Johannesburg and also stayed flat at AUD0.15 in Sydney.
By Artwell Dlamini, Alliance News reporter
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