AVZ Minerals Limited (ASX: AVZ, OTC: AZZVF) (AVZ or Company) refers to its announcement on 12 April 2023 outlining the continuation of its suspension from quotation under Listing Rule 3.1.
From 11 May 2022, AVZ’s shares have been suspended from quotation until the ASX could be satisfied of AVZ’s compliance with the Listing Rules, including Listing Rule 3.1.
ASX’s policy is to remove from the official list of the ASX (Official List) an entity whose securities have been suspended from quotation for a continuous period of 2 years. Therefore, in accordance with ASX's stated policy in Guidance Note 33, if AVZ is not reinstated to quotation on or by 10 May 2024, AVZ will be removed from the Official List on the first trading day after the expiration of the 2 year period mentioned above.
After careful consideration, the AVZ board has resolved not to seek reinstatement on the basis a reinstatement at this time would not be in the best interests of AVZ shareholders.
The AVZ board’s view is based on the following key reasons:
• the DRC Government’s failure to comply with the interim orders made in the Company’s favour by the International Center for Settlement of Investment Disputes (ICSID) tribunal on 16 January 2024;1
• Cominière’s failure to comply with the emergency orders made against it including the grant of emergency orders in the Company’s favour by the International Court of Arbitration of the International Chamber of Commerce (ICC) tribunal on 5 May 2023 and on 15 November 2023 in ICC Case 27720;2
• the other key disputes to which the Company or a member of its corporate group is a party are ongoing; and
• operating as a listed entity gives rise to inherent complications for the Company as it seeks to advance its strategy for the resolution of the key
disputes and the advancement of the development of the Manono Project.
Whilst the AVZ board acknowledges the suspension from quotation has been, and the prospective delisting will be, frustrating for its shareholders, in the AVZ board’s view it has proved entirely necessary to protect shareholder interests and, for the
reasons noted above, this currently remains the case.
