Business
Nasdaq Stockholm delisting application
Nasdaq Stockholm delisting application.
About this update from Enquest Plc
[{"type":"text","content":"\n\n\n \n \n \nEnQuest PLC, 5 September 2023\n \nEnQuest plans to apply for delisting of its shares from Nasdaq Stockholm\n \nEnQuest PLC ('EnQuest' or the 'Company') plans to apply for delisting of the Company's shares from Nasdaq Stockholm. The formal application for delisting will, however, be submitted to Nasdaq Stockholm no earlier than three months after the market has been informed of the delisting plans through this press release. The Company's shares will remain listed on the London Stock Exchange.\nEnQuest's listing on Nasdaq Stockholm originated from the issue of shares as consideration to Swedish resident shareholders in the former Lundin entity acquired in the early years of the Company.\nWhilst the UK was a member state of the European Union ('EU'), the London Stock Exchange was the Company's primary listing for EU purposes and, therefore, the additional compliance requirements relating to the Company's listing on Nasdaq Stockholm were minimal. However, following the departure of the UK from the EU, the UK is no longer considered to be EnQuest's primary EU listing, and has been replaced as such by Nasdaq Stockholm. This therefore imposes significant additional compliance requirements.\nEnQuest has no legal or physical presence in Sweden and is therefore reliant on external support to ensure compliance with Nasdaq Stockholm listing requirements. This has created a source of additional unexpected compliance cost for the Company.\nThe ownership of the shares will not be affected by a delisting, and shareholders will maintain their shareholders' rights under applicable corporate law and the Company's constitutional documents.\nFollowing the delisting, EnQuest's shareholders holding their shares through Euroclear Sweden AB can continue trading in EnQuest's shares on the London Stock Exchange by first arranging for a cross-border transfer of their shares into the book-entry system maintained by Euroclear UK & Ireland Limited (also known as CREST). Further details of such cross-border transfers will be provided in due course.\nThe information was submitted for publication, through the agency of the contact persons set out below, at 07:00 UK time on 5 September 2023.\n \nEnds\n \n \n \n \nFor further information please contact:\n \nEnQuest PLC &n...