ASX have conditions that need to be met to make sure smaller shareholders are protected.
Reasons for removal usually include-
the entity is re-domiciling to another jurisdiction and intends to move its listing from ASX to an overseas securities exchange as part of that transaction; •the entity has its primary listing on another exchange and no longer requires a secondary listing on ASX ;•as a result of a takeover, scheme of arrangement or other control transaction, the entity only has one or a small number of remaining security holders and so its continued listing can no longer be justified;10 •the directors of the entity consider that the prices at which its securities are trading on ASX are materially lower than the underlying value of its net assets and the entity is intending to provide security holders wishing to sell their holdings with an alternative mechanism (such as a redemption or buy-back facility) to liquidate their holdings at a price closer to their net asset value; or •the directors of the entity have determined for some other proper reason that it is no longer in the interests of the entity and its security holders for the entity to remain listed on ASX
TCN Price at posting:
5.3¢ Sentiment: None Disclosure: Held
