New Zealand Oil & Gas has applied to the Australian Securities Exchange (ASX) for removal from the official list of ASX.

The company will continue to be listed on the New Zealand Stock Exchange (NZX) and trading on the NZX will continue after the ASX delisting process.

“For 34 consecutive years since our company was founded, NZX has provided a reliable, well-regulated platform with ample liquidity for our shareholders,” said chairman Rodger Finlay.

Finlay said the company’s board of directors has noted that trading in the company’s shares on the ASX consistently suffers from poor liquidity and low daily trading volumes.

“Delisting is also consistent with other recently announced initiatives to reduce costs. The Board considers that the cost of continued listing on ASX outweighs the benefits,” Finlay told the ASX.

In-principle advice received from ASX indicates that ASX will consent to the delisting, subject to compliance with certain conditions. The company intends to fully comply with these conditions.

If ASX approves the delisting, trading in the company’s shares will ultimately be suspended, and shareholders will no longer be able to trade their shares in the company on ASX.

New Zealand Oil & Gas will write to all shareholders to provide a timetable for delisting and explain how shareholders can continue to trade shares in the company on the NZX after the company is removed from the official list of ASX. – BusinessNewsAsia.com

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