cancellation ahead11 Apr 2016 09:34
Cancellation of AIM admission
In view of the current economic situation and the depressed levels of commodity prices, management has considered the relative merits of maintaining the listing of its shares on both AIM and TSX, and today announces the cancellation of the admission of its shares to trading on AIM which will be effective from May 11, 2016, subject to submission of the requisite notices prior to that date.
In deciding to effect the cancellation of the admission of the Company's shares to trading on AIM, the following factors were considered significant in reaching this conclusion by the Board:
-- de-listing from AIM results in clearly identifiable cost savings, such
as the fees for retaining a Nominated Adviser and the annual fees
payable to the London Stock Exchange;
-- in contrast de-listing from TSX does not preclude the Company from
continuing to be a reporting issuer for Canadian securities law purposes
and so cost savings, if any, are likely to be far more limited;
-- the existing listing of the Company's shares on TSX will continue to
provide all shareholders with a comparable dealing facilities to enable
trading in the future.