Africa energy plans to delist

African Energy Resources Limited has announced that it will delist on the Botswana Stock Exchange (BSE) next month as the administrative costs and other obligations for maintaining the BSE listing are no longer justifiable.

The copper mining company currently has only 15 shareholders holding less than 0.3 percent of Shares on the BSE and trading has been negligible. In a statement the Africa Energy Managing Director Frazer Tabeart stated that Shareholders approved the voluntary delisting of the Company from the BSE during the annual meeting in November. “There are currently only 15 shareholders holding less than 0.3 percent of Shares on the BSE and trading has been negligible.

In light of these circumstances, the Directors have formed the view that the administrative costs and related obligations associated with maintaining the BSE listing are no longer justifiable and recommend that Shareholders vote in favour of a delisting from the BSE,” reads the statement. The Company’s Shares have been listed on the venture capital board of the BSE since October 2011.

Tabeart said whilst the company continues to pursue the development of the Sese Joint Venture Coal and Power Project, the shareholders subsequently voted in favour of a delisting from the BSE at the AGM on 22 November 2017. “African Energy is therefore offering Shareholders the opportunity to sell their Shares through the BSE Share Buyback following shareholder approval for delisting of the Shares from the BSE,” The delisting is expected to be completed on or about 16 February 2018 at which time shareholdings that remain on the BSE register will be transferred to the ASX Register.

Affected shareholders are advised to contact Corpserve Botswana to assist with any queries or instructions in relation to the delisting. Following the delisting, queries or instructions should be directed to the Company or to the ASX share registrar, Link Market Services.