De-Listing from AIM
24 August 2009 - 5:28PM
UK Regulatory
TIDMGLBM
RNS Number : 8777X
Globe Specialty Metals, Inc
24 August 2009
Globe Specialty Metals, Inc. ("Globe" or the "Company")
De-listing from AIM
New York, N.Y., August 21, 2009 - On August 3, 2009, Globe Specialty Metals,
Inc. (AIM: GLBM.L) (the "Company") announced its decision to cancel the
admission of its common shares (GLBM.L) (the "Common Shares") from AIM (the
"De-listing"). The reasons for this, a timetable for the cancellation and the
mechanics whereby Common Shareholders may trade their shares on the Company's
NASDAQ Global Market ("NASDAQ") listing are set out below.
On July 29, 2009, the US SEC declared effective the Company's registration of
its initial public offering of shares in the United States. Trading in the
Company's shares on NASDAQ commenced on July 30, 2009.
The Company has focused on the following key factors in making the decision to
de-list from AIM:
+-------+----------------------------------------------------------------------------+
| - | The Companys shares are now trading in the US on NASDAQ and the Board |
| | believes that the costs of maintaining an AIM listing in addition to the |
| | Companys NASDAQ listing are disproportionate to the benefits to the |
| | Company; |
| | |
+-------+----------------------------------------------------------------------------+
| - | The management time taken up with the Companys AIM listing could more |
| | usefully be deployed elsewhere to the benefit of the Company. In |
| | particular, the management time and the legal and regulatory burden |
| | associated with maintaining the Companys admission to trading on AIM is |
| | disproportionate to the benefits to the Company; |
| | |
+-------+----------------------------------------------------------------------------+
| - | The Companys headquarters and main operating units are in the United |
| | States and the Board believes that maintaining a listing in its home |
| | market is more beneficial to the Company and will lead to greater |
| | liquidity in its shares; |
| | |
+-------+----------------------------------------------------------------------------+
| - | The Board believes that it is preferable for the Companys shareholders to |
| | trade through one exchange; |
| | |
+-------+----------------------------------------------------------------------------+
| - | The Board believes that the AIM share price does not reflect the inherent |
| | value of the Company. For some time now, the Companys share price |
| | performance on AIM has been disappointing and a source of frustration to |
| | its shareholders, directors and officers, and they believe that the |
| | development of the Company has not been adequately reflected in the AIM |
| | share; |
| | |
+-------+----------------------------------------------------------------------------+
| - | In the 12 months ended July 31, 2009, there were 176 days when no Globe |
| | shares were traded on AIM (70% of trading days), and there were 209 days |
| | when less than 10,000 shares were traded (83% of trading days). |
| | |
+-------+----------------------------------------------------------------------------+
In light of the above, the Company believes that it is no longer in the best
interests of the Company to retain its AIM quotation.
The effective date for the Delisting of the Common Shares and Warrants on AIM
will be 7:00 a.m. on October 5, 2009. Thereafter, the Company's Common Shares
will be tradable on NASDAQ. To effectuate the foregoing, the Company will
instruct its UK registrar to transfer the share registry to its US counterpart,
who will create the necessary accounts. Each record holder will receive a
statement after completion of these transfers. Current share certificates will
remain valid, although the Company will accept and destroy existing certificates
to either keep accounts in book entry format or to issue new certificates from
the US registrar.
The Company's AIM listed warrants (GLBW) (the "Warrants") expire on October 3,
2009 and therefore as at 7:00 a.m. on October 5, 2009, the admission of the
Company's Warrants will be cancelled. Prior to this date, Warrantholders should
have either sold or exercised their warrants.
As stated in the Company's public filings with the SEC, by October 5, 2009, the
Company will have registered its Common Shares, including those underlying the
Warrants with the SEC, and all such Common Shares will be freely tradable on
the NASDAQ Global Market. As a result of the De-Listing, all public trading
activities in the Company's stock will occur on NASDAQ under their current ISIN
number.
About Globe Specialty Metals
Globe Specialty Metals, Inc. is among the world's largest producers of silicon
metal and silicon based specialty alloys, critical ingredients in a host of
industrial and consumer products with growing markets. Customers include major
silicone chemical, aluminum and steel manufacturers, auto companies and their
suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and
computer chips, and concrete producers. The Company is headquartered in New York
City. For further information please visit our web site at www.glbsm.com.
Forward-Looking Statements
This release may contain "forward-looking statements" within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as "anticipates," "intends," "
plans," "seeks," "believes," "estimates," "expects" and similar
references to future periods, or by the inclusion of forecasts or projections.
Forward-looking statements are based on the current expectations and assumptions
of Globe Specialty Metals, Inc. (the "Company") regarding its business,
financial condition, the economy and other future conditions.
Because forward-looking statements relate to the future, by their nature, they
are subject to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. The Company's actual results may differ materially
from those contemplated by the forward-looking statements. The Company cautions
you therefore that you should not rely on any of these forward-looking
statements as statements of historical fact or as guarantees or assurances of
future performance. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include regional,
national or global political, economic, business, competitive, market and
regulatory conditions including, among others, changes in metals prices;
increases in the cost of raw materials or energy; competition in the metals and
foundry industries; environmental and regulatory risks; ability to identify
liabilities associated with acquired properties prior to their acquisition;
ability to manage price and operational risks including industrial accidents and
natural disasters; ability to manage foreign operations; changes in technology;
and ability to acquire or renew permits and approvals.
Any forward-looking statement made by the Company or management in this release
speaks only as of the date on which it or they make it. Factors or events that
could cause the Company's actual results to differ may emerge from time to time,
and it is not possible for the Company to predict all of them. The Company
undertakes no obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or otherwise, unless
otherwise required to do so by the London Stock Exchange AIM Market rules.
Important Notice
Collins Stewart Europe Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as nominated adviser and
broker to the Company and will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Collins Stewart
Europe Limited nor for providing advice in connection any other matter referred
to herein
Enquiries:
+--------------------------------------+--------------------------+
| Globe Specialty Metals, Inc. | +1 212 798 8122 |
| Jeff Bradley, Chief Executive | |
| Officer | |
| | |
+--------------------------------------+--------------------------+
| Stephen Lebowitz, Chief Legal | +1 212 798 8150 |
| Officer | |
| | |
+--------------------------------------+--------------------------+
| Collins Stewart Europe Limited | +44 (0) 207 523 8350 |
| Mark Dickenson/Jon Drage/Adam Cowen | |
| | |
+--------------------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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