Beacon Hill Resources plc Intention to Delist from the ASX (3548O)
19 September 2013 - 4:00PM
UK Regulatory
TIDMBHR
RNS Number : 3548O
Beacon Hill Resources plc
19 September 2013
19 September 2013
Beacon Hill Resources Plc / AIM: BHR / ASX: BHU / Sector:
Mining
Beacon Hill Resources Plc ('Beacon Hill' or 'the Company')
Intention to Delist from the Australian Securities Exchange
Beacon Hill Resources Plc ('Beacon Hill' or 'the Company')
announces that it has formally made an application to the
Australian Securities Exchange ('ASX') to delist from the ASX under
listing rule 17.11. The ASX has indicatively approved the delisting
request and it is the Company's intention to delist from the ASX by
31 December 2013. This announcement seeks to set out the rationale
for the delisting and proposed timeline of delisting.
Background
Beacon Hill's primary listing is on the AIM Market ('AIM'),
which is operated by the London Stock Exchange. Beacon Hill dual
listed on the ASX (by way of compliance listing as a foreign
entity) on 4 April 2012. No funds were raised as part of the dual
listing.
The rationale for the dual listing at the time included the
following:
-- Access to a broader capital market base;
-- Access to a market with a strong resources focus;
-- The opportunity to leverage off Australian investor
understanding of coal projects and specifically other Mozambican
coal projects; and
-- Provision of a trading platform for existing Australian resident shareholders.
Rationale for De-Listing
The Company has sought to delist from the ASX due to the
following:
-- Low trading volumes;
-- Extremely small shareholder base on the ASX;
-- Inability to effectively raise capital and raise interest amongst Australian investors; and
-- Transition of Beacon Hill head office and management function
from Melbourne to Johannesburg and Mauritius.
Proposed Timeline
It is the Company's intention to delist from the ASX by 31
December 2013. Note that the delisting will not occur until after
at least 3 months from the date of this announcement.
Implications for ASX Investors
Holders of CHESS Depository Interests ('CDIs') on the ASX will
have the following options:
Option 1 (Default Option): CDIs will automatically convert into
Ordinary Shares on AIM on or around 31 December 2013 and physical
share certificates will be issued from Capita Registrars Limited.
Following delisting, for a period of up to 3 months, an investor
may instruct their existing broker to provide an instruction to
Canaccord Genuity (Australia) Limited to sell their Ordinary Shares
on AIM for cash. Note that 1 CDI on the ASX is equivalent to 2
Ordinary Shares on AIM; or
Option 2: A CDI holder may instruct Boardroom Pty Limited, the
Company's ASX registrar to arrange the sale of their shares on the
AIM market through a share trading facility established by
Canaccord Genuity Limited. The share sale facility will be in place
up until the date of the delisting, which will be on or around 31
December 2013. Subsequent to this, the shares will be offered for
sale on AIM with the proceeds on completion distributed to the
shareholders who participated in the share sale facility.
A letter will be sent to all CDI holders that will instruct CDI
holders who wish to arrange the sale of their CDIs through the
share sale facility. For additional details please contact
Boardroom Pty Limited:
Contact Details
Boardroom Pty Limited
Contact: David Parkinson
Email: david.parkinson@boardroomlimited.com
Phone: +61 (0) 2 9290 9621
**ENDS**
For further information, please contact:
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Beacon Hill Resources Plc
Justin Farr-Jones, Chairman (jfarr-jones@bhrplc.com)
Rowan Karstel, Chief Executive Officer (rowan.karstel@bhrplc.com)
Canaccord Genuity Limited (Nominated Adviser
and Broker)
Andrew Chubb / Joe Weaving +44 20 7523 8000
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St Brides Media & Finance Limited (Financial
Public Relations)
Susie Geliher / Elisabeth Cowell +44 20 7236 1177
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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