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- Release Date: 29/03/12 18:37
- Summary: GENERAL: WHS: Request for removal from ASX Official List
- Price Sensitive: No
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WHS
29/03/2012 16:37
GENERAL
REL: 1637 HRS The Warehouse Group Limited
GENERAL: WHS: Request for removal from ASX Official List
Auckland, 29 March 2012
THE WAREHOUSE GROUP LIMITED
Request for removal from ASX Official List
The Warehouse Group Limited ("the Company") announces that, following a
review of the costs and benefits of retaining the Company's listing on the
Australian Securities Exchange, it has applied to ASX Ltd ("ASX") and has
been given conditional approval under listing Rule 17.11 for the Company to
be removed from the ASX official list.
The Board considered a number of factors in reaching its decision to delist
from ASX, including the level of liquidity in trading of the Company's shares
on ASX and the additional listing, compliance and administrative costs
associated with maintaining the dual listing of the Company's shares on both
NZX Limited ("NZX") and ASX. The Warehouse Group is a New Zealand based
company, having sold its Australian operations in 2005. Less than 2% of the
Company's share capital is held on its Australian register. There is a
relatively low level of liquidity in trading in the Company's shares on ASX
compared to trading on NZX.
The ASX has advised the Company that it will be removed from the ASX official
list at a date determined by ASX if it complies with the following
conditions:
o Release of this announcement to the market;
o Provision of a facility through which Australian holders of the Company's
ordinary shares may sell them on NZX through an ASX participating
organisation for a period of not less than three months after the date of the
Company's removal from the official list of the ASX; and
o Provision of a letter to Australian shareholders informing them of the
Company's intention to be removed from the official list of ASX, and
notifying them of the availability of the facility through which they may
sell their shares on the NZX, not less than three months prior to the date of
the Company's removal from the official list of ASX.
The Company will comply with all of these conditions and it is the Company's
intention that it be removed from the ASX official list on 1 July 2012.
Following delisting, shareholdings on the Company's Australian register will
be transferred to the Company's New Zealand register. The Company has
arranged a share sale facility with ASX participant RBS Morgans Limited to
assist Australian shareholders who may want to sell their Warehouse Group
shares on NZX following the Company's delisting from ASX. The Company will
provide this facility for three months following delisting.
A letter will be sent to Australian Shareholders today, advising them of the
Company's application for removal from the ASX official list and advising
them of the availability of the facility through which they may sell their
shares on NZX following the Company's removal from the ASX official list. A
subsequent letter will be sent to Australian shareholders providing full
details of the delisting process and the share sale facility.
ENDS
End CA:00221331 For:WHS Type:GENERAL Time:2012-03-29 16:37:22
