Reasons for Delisting
After a review of trading on both the ASX and TSX, the board of directors of Teranga has come to the conclusion that Teranga’s continued listing on the ASX is no longer in the best interest of the Company and its shareholders, and is therefore requesting approval to delist.
The decision to delist is based on the progressive decline in average daily trading volume of its securities listed on the ASX compared to the TSX. For the first six months of 2017, only 4% of total volume traded on both exchanges was executed on the ASX compared to 96% on the TSX. Since Teranga commenced trading on the ASX in December 2010, the percentage of total issued capital held on the Australian register has reduced from 67% to 11% as of June 30, 2017, whereas 89% of the Company’s total issued capital is held on the TSX. The TSX is the primary exchange for Teranga’s shares. As a result, the Company has concluded that the ongoing administrative and compliance costs required to maintain a secondary listing on the ASX outweigh the benefits. |
