Business
Application for removal from the ASX
Application for removal from the ASX.
About this update from Harvest Minerals Limited
[{"type":"text","content":"\n \nRNS Number : 3705Z Harvest Minerals Limited 26 May 2016 \n\n \n \n26 May 2016\nHarvest Minerals Limited\nApplication for Removal of Harvest from the Official List of the ASX\nHarvest Minerals Limited (\"Harvest\" or the \"Company\") (ASX/AIM: HMI) has applied to the ASX for the removal of the Company from the official list of the ASX (\"Official List\") under ASX Listing Rule 17.11.\nHarvest is currently listed on two securities exchanges - the Official List and the Alternative Investment Market (\"AIM\") of the London Stock Exchange.\nFollowing due consideration and in an effort to streamline listing and compliance costs, the Directors of Harvest have resolved that the continued listing of the Company on the Official List is no longer in the best interests of the Company and its shareholders. Factors the Directors have considered include the following:\n• Predominance of AIM listing - Since the Company became listed on AIM on 7 September 2015, AIM has become the more dominant exchange for Harvest with approximately 72% of Harvest's listed securities being traded on AIM.\n• Low liquidity on ASX - The low trading volume and liquidity of Harvest shares on the Official List is such that any significant trading leads to increased daily volatility on the Official List. This volatility may prevent investors from making an accurate assessment of the actual value of the Company. \n• Limited operations in Australia - The Company's current assets comprise of its interests in projects located in Brazil. It is the Company's present intention to continue to explore and develop project opportunities in Brazil. Other than a registered office Harvest does not have any direct Australian interests and a number of board members are now based in the UK. \n• Lack of Australian investor interest - Australian institutional and retail investor interest in the Company is low and remains low despite continued efforts by the Company to attract and retain investors based in Australia.\n• &n...