Shares in Lochard Energy Group fell more than 18 per cent Monday following news the company would be removed from the Australian Securities Exchange (ASX).
Lochard, which is also listed as an AIM company on the London Stock Exchange, said it was granted approval to be taken off the ASX in an effort to streamline listing and compliance costs.
The board said the company experienced low level of liquidity in trading on the ASX compared to AIM, creating disproportionately high costs.
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The Australian register accounted for less than 6.5% of the share capital of the company.
Lochard will be removed from the ASX following announcement to the market, provision of a facility for Australian shareholders to sell their Lochard shares on AIM, and the delivery of a letter to Australian shareholders about the move.
Lochard will then be removed from the ASX official list on April 14th.
Australian shareholders will have their electronic holdings on the ASX register converted to certificated holdings on the Australian register.
RD
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