Tap Oil Announces Voluntary Delisting
Source: www.gulfoilandgas.com 9/29/2020, Location: Not categorized
Tap Oil has announced its intention to delist from the Australian Securities Exchange (ASX) and to undertake both an opt-out non-marketable parcel buy-back facility (Non-marketable Parcels Facility) and an off-market equal access sharebuy-back (Buy Back). The Delisting and the Buy Back will be put forward for shareholder approval at a general meeting to be held on 29 October 2020.
The Delisting is considered by the Company’s Board to be in the best interests of the Company for a number of reasons, including the low levels of trading liquidity of the Company’s shares on ASX and other factors which have lead the Board to conclude that the costs and administrative burden of remaining listed on ASX outweigh any benefits of a continued listing.
The Non-marketable Parcels Facility and the Buy Back will provide shareholders with the opportunity to potentially realise some or (subject to the cap on the Buy Back) all of their investment in the Company prior to Delisting.The Buy Back is conditional upon the Delisting being approved by the Company’s shareholders.
