Lochard Energy falls on removal from ASX

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).

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.

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

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Nuclear power might never be popular – but now looks a good time to invest
Commodities

Nuclear power might never be popular – but now looks a good time to invest

Nuclear power gets a very bad press, but it is the ultimate renewable energy source. Interest in it is perking up again, says John Stepek. Which means…
9 Apr 2021
House prices: from boom to even bigger boom
House prices

House prices: from boom to even bigger boom

UK house prices have risen to new to record highs, says Nicole Garcia Merida. Demand continues to outpace supply, but continued low interest rates, th…
9 Apr 2021