Tempus Resources Ltd (ASX:TMR, TSX-V:TMRR) has received approval from the TSX Venture Exchange to voluntary delist the ordinary shares of the company and expects that the shares will be delisted at the close of business on Wednesday, December 27, 2023.
The Board of Directors decided to complete the delisting as minimal trading activity of the shares on the exchange no longer justifies the expense and administrative requirements associated with maintaining a dual listing.
Directors also considered that the majority of Tempus’ investors are Australian-based and, accordingly, a single listing on the ASX will better serve investors and investments in the company.
No impact on ASX listing
The company said that the delisting would not affect its listing on the Australian Securities Exchange (ASX) and that the continuing ASX listing was expected to provide shareholders with a sufficiently liquid market.
Following the delisting, the company’s shareholders may trade their shares on the ASX after transferring such shares to the Australian share register.
Delisting details
After the delisting date of December 27 and until a movement of shares to the Australian register is effected, shareholders on the Canadian register and beneficial shareholders holding securities through a Canadian Depositary for Securities (CDS) participant/broker will not be able to trade their shares on the ASX, and their shareholdings will remain on the Canadian share register until the automatic closure of the register occurs.
The company’s Canadian share register will remain open until January 26, 2024, to enable shareholders and CDS participants concurrently on the Canadian register to request, if they wish, to have their shares issued to a broker or the Australian clearing and settlement system.
If CDS participants or shareholders on the Canadian register have not transferred their shares to the Australian share register by January 26, 2024, holdings will be automatically moved to an issuer-sponsored holding on the Australian register.
Once this occurs, these shareholders will be able to sell their shares on the ASX by quoting their security holder reference number to their broker.