Tethyan Resources PLC Proposed Delisting from AIM & Share Consolidation (2022Q)
2017年9月8日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMTETH
RNS Number : 2022Q
Tethyan Resources PLC
08 September 2017
Tethyan Resources plc
Proposed
Delisting from AIM and Share Consolidation
As previously announced, Tethyan Resources PLC ("Tethyan" or the
"Company") is pleased that its ordinary shares commenced trading on
the TSX Venture Exchange ("TSXV") on September 6, 2017.
Consequently the board of directors of Tethyan ("Board") has
resolved to proceed with the following, subject to shareholder
approval by at least 75% of those who vote, in accordance with AIM
Rule 41:
Proposed Delisting from AIM
Following its admission to TSXV the Company undertook a
strategic review process assessing the viability of its ongoing
quotations on both AIM and the TSXV.
The Board is confident that trading on the TSXV will provide a
healthy platform for trading and that the added benefit of
continued trading on AIM is outweighed by the regulatory burden and
cost associated with maintaining the listing on AIM.
The Board has now taken the decision that, in light of the
additional cost and regulatory burdens imposed upon the Company by
having two quotations, it will seek a delisting from AIM.
The Company has taken this decision in light of extremely
challenging macro conditions and in order to further reduce its
ongoing costs. Shareholders will still be able to trade the
Company's shares on the TSXV. The Company is also providing this
advance notice to shareholders to help allow those UK based
investors who do not wish to trade their shares on TSXV to trade
their shares on AIM ahead of the delisting.
Proposed Consolidation
Pursuant to the proposed consolidation, the 168,182,052 existing
ordinary shares ("Existing Ordinary Shares") of the Company will be
consolidated on the basis of 1 new ordinary share ("New Ordinary
Shares") for each 6 Existing Ordinary Shares. Such New Ordinary
Shares will have the same rights and be subject to the same
restrictions (save as to par value) as the Existing Ordinary Shares
("Consolidation").
Upon completion of the Consolidation, the Company will have
approximately 28,000,000 New Ordinary Shares. The Board considers
that the current issued share capital is considerably higher than
similar sized companies listed on TSXV and it believes that this
affects negatively investors' perception of the Company.
Accordingly, the Consolidation is being proposed in order to
reduce the number of Existing Ordinary Shares that are in issue to
a level more in line with comparable TSXV listed companies. The
Board believes that the Consolidation may improve the liquidity and
marketability of the Company's shares to a wider range of
investors, including institutional investors and that the
Consolidation will make the New Ordinary Shares a more attractive
investment proposition.
Shareholder Circular
In order to effect the above proposals and pursuant to both the
UK Companies Act 2006 and the AIM Rules, the Company intends to
hold a general meeting of shareholders at which shareholders will
be given the opportunity to vote on the proposals. A further
announcement will be made when the circular to shareholders
containing the above proposals is published.
Peter Mullens, CEO and Director of Tethyan, stated: "The board
of directors of Tethyan has carefully considered these proposals
and strongly believes that this is the right time to pursue these
initiatives. The listing on the TSXV is a milestone for the Company
and represents an opportunity to introduce the new face of our
company to existing and prospective investors. We are eager to move
forward with our plans and look forward to receiving shareholder
and regulatory support for our recommendations."
For further information please contact:
Tethyan Resources
PLC +44 1534 881 885
Peter Mullens pjm@tethyan-resources.com
(CEO)
Cairn Financial Advisers LLP (Nominated Adviser)
James Caithie / Sandy Jamieson +44 207 213 0880
About Tethyan
Tethyan Resources Plc ("Tethyan Resources") is a gold and base
metal mineral exploration company incorporated in England &
Wales (company registration number 3781581). Tethyan commenced
trading on the TSX Venture Exchange on September 6, 2017, under the
symbol "TETH".
Tethyan Resources is focused on the Tethyan Metallogenic Belt in
Eastern Europe, mainly Serbia, where it is acquiring and exploring
a portfolio of quality precious and base metals projects with known
mineralisation and compelling drill targets.
Sustainability is paramount to all of Tethyan's activities.
Tethyan emphasises responsible engagement with local communities
and stakeholders, and is committed to proactively implementing Good
International Industry Practice (GIIP) and sustainable health,
safety and environmental management.
Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This announcement does not comprise a prospectus or other form
of offering document relating to Tethyan Resources plc ("the
Company"), and does not constitute an offer or invitation to
purchase or subscribe for any securities of the Company or any
other company and should not be relied on in connection with a
decision to purchase or subscribe for any such securities.
The announcement does not constitute a recommendation regarding
any decision to sell or purchase securities of the Company or any
other company. Your attention is drawn to the risk factors set out
below.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
September 08, 2017 03:00 ET (07:00 GMT)
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