Business
Compton to discontinue dual listing
Compton to discontinue dual listing
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\n Jun. 21, 2010 (Canada NewsWire Group) -- Compton Petroleum Corporation (TSX - CMT) announced today that effective Friday, June 25, 2010, its common shares will discontinue trading on the New York Stock Exchange (the "NYSE"). The Corporation's common shares will continue to trade on the Toronto Stock Exchange (the "TSX") under the symbol CMT as will its warrants under the symbol CMT.WT.\nAs financial markets have become significantly more global and liquid, the benefits of a multiple listing have been reduced while substantially adding to Compton's costs. As a result, the Board has concluded that it is in the best interests of the Corporation and its shareholders to delist from the NYSE under the current circumstances. In reaching this decision, the Board assessed the option of a reverse split of Compton's common shares to meet the NYSE's price requirement (that a company's common stock trade at a minimum average closing price of US$1.00 per share during any consecutive 30-day trading period) and determined that it is not in the best interests of shareholders to effect a share consolidation.\n"We've achieved considerable success over the past year in: reducing our debt levels by approximately 50%, assuming the $150 million proceeds from our recently announced asset sales are applied to debt; and improving operational performance through better drilling results and lower operational costs," said Tim Granger, President and Chief Executive Officer. "We are executing on our strategic plan and increasing return on investment. Though we cannot control our stock price, we believe that the market will recognize the results of our actions that have created a stronger company with substantial potential for growth."\nFollowing delisting, Compton will continue to file or furnish reports with the SEC. However, the Corporation also announced that it intends at a future date, when permitted under SEC rules, to terminate the registration of its common shares with the SEC.\n\nAdvisories\n\nForward-Looking Statements\n\nCertain information regarding the Corporation contained herein constitutes forward-looking information and statements and financial outlooks (collectively, "forward-looking statements") under the meaning of applicable securities laws, including Canadian Securities Administr...