Business
Application for Removal from ASX
Application for Removal from ASX.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \n \n RNS Number : 0889P\n Global Petroleum Ltd\n 05 June 2020\n \n \n \n \n 5 June 2020\n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the EU Market Abuse Regulation (596/2014). Upon the publication of the announcement via a regulatory information service, this information is considered to be in the public domain.\n \n \n \n \n \n GLOBAL PETROLEUM LIMITED\n \n \n \n \n \n Application for Voluntary Removal from the Official List of the ASX\n \n \n \n \n \n Global Petroleum Limited (\"Global\" or \"Company\") announces that it has formally applied to ASX Limited (\"ASX\") requesting the removal of the Company from the official list of ASX (the \"Official List\") pursuant to ASX Listing Rule 17.11 and ASX has accepted its application and resolved to remove the Company from the Official List subject to the satisfaction of the conditions set out in the full ASX decision outlined in Annexure A.\n \n \n \n \n \n Global's securities are currently listed/quoted on two securities exchanges - the Official List and AIM.\n \n \n \n \n \n Following due consideration/and in order to streamline the Company's listing and compliance costs, the Directors of Global resolved that the continued listing of the Company's securities on the Official List was no longer in the best interests of the Company and its shareholders. Factors the Board considered include the following:\n \n \n \n \n \n \n (a) Predominance of AIM listing\n \n : the Company's ordinary shares were admitted to trading on AIM on 7 March 2005. Over the last five years there have been approximately 4,830 trades on ASX and approximately 19,000 trades on AIM. The total number of shares that are represented by depository interests for trading on AIM is approximately 75% of the Company's issued shares.\n \n \n \n (b) Limited operations in Australia\n \n : the Company's current exploration assets are oil and gas permits offshore in Namibia and the Company also has permit applications offshore Italy. It is the Company's current intention to continue to explore these opportunities. Save for maintaining a registered office in Australia, the Company does not have any direct Australian interests...