Last checked at 5 Sep 2023 07:02
EnQuest PLC, 5 September 2023
EnQuest plans to apply for delisting of its shares from Nasdaq Stockholm
EnQuest PLC ('EnQuest' or the 'Company') plans to apply for delisting of the Company's shares from Nasdaq Stockholm. The formal application for delisting will, however, be submitted to Nasdaq Stockholm no earlier than three months after the market has been informed of the delisting plans through this press release. The Company's shares will remain listed on the London Stock Exchange.
EnQuest's listing on Nasdaq Stockholm originated from the issue of shares as consideration to Swedish resident shareholders in the former Lundin entity acquired in the early years of the Company.
Whilst the UK was a member state of the European Union ('EU'), the London Stock Exchange was the Company's primary listing for EU purposes and, therefore, the additional compliance requirements relating to the Company's listing on Nasdaq Stockholm were minimal. However, following the departure of the UK from the EU, the UK is no longer considered to be EnQuest's primary EU listing, and has been replaced as such by Nasdaq Stockholm. This therefore imposes significant additional compliance requirements.
EnQuest has no legal or physical presence in Sweden and is therefore reliant on external support to ensure compliance with Nasdaq Stockholm listing requirements. This has created a source of additional unexpected compliance cost for the Company.
The ownership of the shares will not be affected by a delisting, and shareholders will maintain their shareholders' rights under applicable corporate law and the Company's constitutional documents.
Following the delisting, EnQuest's shareholders holding their shares through Euroclear Sweden AB can continue trading in EnQuest's shares on the London Stock Exchange by first arranging for a cross-border transfer of their shares into the book-entry system maintained by Euroclear UK & Ireland Limited (also known as CREST). Further details of such cross-border transfers will be provided in due course.
The information was submitted for publication, through the agency of the contact persons set out below, at 07:00 UK time on 5 September 2023.
Ends
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive Officer)
Salman Malik (Chief Financial Officer)
Craig Baxter (Head of Investor Relations)
Teneo Tel: +44 (0)20 7353 4200
Martin Robinson
Martin Pengelley
Harry Cameron
Notes to editors
ENQUEST
EnQuest is providing creative solutions through the energy transition. As an independent energy company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the partner of choice for the responsible management of existing energy assets, applying its core capabilities to create value through the transition.
EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm.
Please visit our website www.enquest.com for more information on our global operations.
Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.