Avenira Limited: Voluntary TSX Delisting
PERTH, WESTERN AUSTRALIA--(Marketwired - Feb 24, 2016) - Avenira Ltd. (ASX:AEV)(TSX:AEV) ("Avenira" or "Company") advises that it has applied for the voluntary delisting of the Company's securities from the Toronto Stock Exchange ("TSX").
Subject to the application being accepted by the TSX, it is expected that Avenira securities will be delisted and therefore no longer traded on the TSX at market close on 11 March, 2016.
No change will occur to the quotation and trading of Avenira securities under its existing code AEV on the Australian Securities Exchange ("ASX").
Reasons for delisting
The decision to delist is due to several factors, including:
- the very limited trading volume of Avenira shares on the TSX over a sustained period; and
- the low and declining ownership of Avenira shares on the Canadian register.
As such, the Board considers that the regulatory and other costs associated with maintaining a TSX listing can no longer be justified.
Implication for holders on the Canadian register
As a consequence of the delisting, the Canadian shareholder register (the "Canadian register") will be closed. In order to trade their shares on the ASX, Canadian beneficial shareholders will need to have their holdings transferred to the Australian share registry, Computershare:
| Computershare Investor Services Pty Limited |
| Level 11, 172 St Georges Terrace |
| Perth WA 6000, Australia |
| Enquiries within Australia: 1 300 850 505 |
| Enquires outside Australia: +61 3 9415 4000 |
| Fax: +61 8 9323 3033 |
For beneficial shareholders who hold their shares through a broker or other intermediary that is a CDS participant, the CDS participant/broker must complete and submit the "Register Removal Request – Canada to Australia" on the shareholders' behalf.
After the proposed delisting date of 11 March 2016 and until transfer to the Australian register is effected, shareholders on the Canadian register and beneficial shareholders holding their securities through a CDS participant/broker will not be able to trade their shares on the ASX and their holdings will remain on the Canadian share register.
Shares held on the Canadian register which have not been transferred by Thursday, 24 March 2016 will automatically be transferred to an Issuer Sponsored Holding on the Australian share register. The holder will receive an Issuer Sponsored Holding Statement.
Questions regarding the transfer process may be directed to Computershare's Global Transaction Unit on +1 866-277-2086.
Following delisting from the TSX, Avenira intends to apply under Canadian securities laws for an order that it cease to be a reporting issuer in Canada. Until such order is granted, the Company will continue to comply with its applicable Canadian continuous reporting obligations.
Cliff Lawrenson, Managing Director
ABN 48 116 296 541
Contact
Avenira Ltd.
Mr Cliff Lawrenson
Managing Director and CEO
+61 8 9264 7000
Avenira Ltd.
Mr Rod Wheatley
CFO and Company Secretary
+61 8 9264 7000