Exillon Energy Plc Re. BoD resolution on delisting from WSE (5705N)
10 August 2017 - 12:44AM
UK Regulatory
TIDMEXI
RNS Number : 5705N
Exillon Energy Plc
09 August 2017
For Immediate Release
9 August 2017
Exillon Energy plc ("Exillon" or the "Company")
Information about the resolution of the Board of Directors of
the Company regarding cancellation of listing of Exillon shares on
the Warsaw Stock Exchange
On 14 July 2017 the Board of Directors (the "Board") of the
Company noted the announcement that Seneal International Agency Ltd
launched a tender offer for the Company's issued shares which were
acquired in transactions executed in the regulated market in the
Republic of Poland and entered into securities accounts maintained
in the Republic of Poland as at the end of the second day after the
announcement of the tender offer (the "Shares"). There were 10,265
Shares on 16 July 2017. The tender offer was conditional on
approval by the Board of a resolution regarding the
re-materialization of the Company's shares (where the term
"re-materialization" is used in a meaning given under Polish law)
(in Polish: zniesienie dematerializacji akcji) in compliance with
Sec. 91 and Sec. 92 point 3 of Polish Act dated 29 July 2005 on
Public Offerings and Conditions for Listing on Financial
Instruments on Organized Trading Platforms and on Public Companies
(in Polish: Ustawa z dnia 29 lipca 2005 r. o ofercie publicznej i
warunkach wprowadzania instrumentów finansowych do zorganizowanego
systemu obrotu oraz o spolkach publicznych) (the
"Re-materialization") and their withdrawal from trading on the main
market of the Warsaw Stock Exchange ("WSE").
On 9 August 2017, the Board considered and approved the
Re-materialization and cancellation of the listing of the Company's
ordinary shares of US$0.0000125 each on the WSE (the
"Delisting").
The Board noted that trading on the WSE did not provide
shareholders with meaningful levels of liquidity and the reduction
in administration and costs related to maintaining trading on the
WSE would accrue savings to the Company. The Board further noted
that Delisting from the WSE is in the best interests and to the
advantage of the Company and there will be a significant commercial
benefit to the Company in pursuing the Delisting which the Board
also considered likely to promote the success of the Company for
the benefit of the Company's shareholders as a whole.
In order to effect the Delisting, the Company shall make
relevant applications to the Polish Financial Supervision
Authority, the National Depository for Securities and the WSE.
Following the Delisting from the WSE, Exillon's shares will
continue to trade on the London Stock Exchange ("LSE"), and the
Company intends to maintain its premium listing on the main market
of the LSE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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