ENP Newswire -
Release date- 29052014 -
The ASX had previously provided in principle advice that removal would be granted subject to compliance with certain conditions.
The ASX conditions include the requirement to communicate to all holders of CHESS Depositary Interests ('CDIs') advising of the date of intended delisting and the method by which they may sell their securities on the
Following delisting from the ASX, which is expected to occur on
Decision to Delist
The Company's decision to delist is based on the low volume of trading of its CDIs on the ASX compared to common shares on the TSXV. During 2013, trading on the ASX represented just 6% of Mindoro's total annual trading activity. As a result, Mindoro has determined that sustaining the administrative and compliance costs of the ASX listing, plus the higher level of regulatory compliance costs associated with two listings, are no longer justifiable and, accordingly, has sought ASX approval to delist.
Following confirmation of ASX approval to delist, Mindoro will send each CDI holder a letter which will provide an overview of the delisting process as well as details of the following options which will be available to CDI holders:
Sell their CDIs on the ASX prior to close of trading on the Suspension Date (23 June 2014);
Convert their CDIs before the Suspension Date into underlying Mindoro shares which may be traded on the TSXV or
Do nothing and have their CDIs automatically converted into underlying Mindoro shares which may be traded on the TSXV. The conversion will occur in a single batch on
Questions about the delisting process may be directed to
Tel: +61 3 9028 8187
Mindoro is a Tier 1 Issuer trading on the
This release may contain forward-looking statements including management's assessments of future plans and operations, and expectations of future production. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated.
These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty with respect to results of exploration, the uncertainty of estimates and projections relating to production and the uncertainty of the availability of capital).
The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not undertake to update forward-looking statements except where required to do so by law.
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