Posted on 1 April 2016
ASX
New Zealand Oil & Gas has today applied to ASX Limited (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.
Chairman Rodger Finlay said, 'For 34 consecutive years since our company was founded NZX has provided a reliable, well-regulated platform with ample liquidity for our shareholders.
'The 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.'
In-principle advice received from ASX (attached) 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.
Following suspension of trade in the company's shares, the company will be delisted, and shareholdings remaining on the company's Australian register will be transferred to the company's New Zealand register. No date for suspension of the company's shares or delisting has been agreed between the company and ASX.
Following the company's removal from the official list of ASX the company will remain incorporated in New Zealand, and will continue to be subject to the relevant corporate and securities laws of New Zealand as well as the rules and regulations of the Financial Markets Authority. Ordinary shares in the company will continue to be listed on NZX and will continue to be subject to the NZX Listing Rules. Copies of the company's market releases and other relevant corporate information will continue to be available at www.nzog.com.
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. Delisting will not take place any earlier than one month after the date this information has been sent to shareholders.