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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Discov. Met | LSE:DME | London | Ordinary Share | AU000000DML9 | ORD NPV (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 101.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMDME AIM Release 30 January 2012 Proposed Cancellation of Admission to Trading on AIM Discovery Metals Limited (the "Company" or "Discovery Metals") today announces that it has applied to the London Stock Exchange for the cancellation of trading in the Company's securities on AIM. It is anticipated that the last day of dealings on AIM will be Thursday, 29 March 2012 and cancellation from trading on AIM will take effect at 7:00 am (London time) on Friday, 30 March 2012 (the "Effective Date"). After the Effective Date, any depositary interests held on the Company's UK depositary interest register will be replaced with the equivalent number of fully paid ordinary shares in the Company and migrated to the Company's shareholder register in Australia. The Company's ordinary shares will continue to be listed on the Australian Securities Exchange ("ASX") and the Botswana Stock Exchange ("BSE"). Discovery Metals will continue to welcome investment from London and other European institutions noting that some of the Company's top UK and European based shareholders (including three of the Company's top five shareholders) already hold their securities via the ASX, despite having their offices and headquarters based in the UK or Europe. The Company intends to maintain its UK marketing programme through the retention of UK based service providers. As noted above, all depositary interest ("DI") holdings held through Discovery Metals' UK registry will be migrated to the Company's Australian share registry (as managed by Computershare) following the Effective Date. However, DI holders may elect to transfer their holdings before such date if they so choose and take appropriate action to do so. Discovery Metals will correspond with DI holders to provide background information and rationale for the cancellation of trading on AIM and to provide a number of options available for DI holders to transfer their holdings to the Company's Australian share registry. A copy of the letter is annexed to this notice. The Company would like to take this opportunity to thank its DI holders for their support over the past 4 1/2 years. For further information contact: Discovery Metals Limited Gregory Seeto Company Secretary Tel: +61 7 3218 0222 Fairfax I.S. PLC Ewan Leggat / Laura Littley Tel: +44 (0) 20 7598 5368 Tavistock Jos Simson / Emily Fenton Tel: +44 (0) 20 7920 3150 Mobile: +44 (0) 7899 870 450 30 January 2012 Dear [insert name] CANCELLATION OF ADMISSION TO TRADING ON AIM 1. Introduction Discovery Metals Limited ("Discovery Metals" or the "Company") has today announced that it has applied to the London Stock Exchange for the cancellation of trading in the Company's securities on AIM. It is anticipated that the last day of dealings on AIM will be Thursday, 29 March 2012 and cancellation from trading on AIM will take effect from 7:00 am (London time) on Friday, 30 March 2012 (the "Effective Date"). After the Effective Date, any depositary interests you hold on the Company's UK depositary interest register will be replaced with the equivalent number of fully paid ordinary shares in the Company and migrated to the Company's shareholder register in Australia and will be listed on the Australian Securities Exchange ("ASX"). After the Effective Date you will no longer be able to trade your securities in the Company on AIM. However, the fully paid ordinary shares in the Company will remain listed on the ASX and the Botswana Stock Exchange ("BSE"). Therefore, you will be able to continue to trade shares in the Company through an Australian registered broker on the ASX. The purpose of this letter is to: a. provide you with the background to and reasons for the Company electing to cancel its securities from trading on AIM; and b. set out the options available to you as a result of the Company's decision to cancel trading of its securities on AIM. 2. Background to and reasons for the cancellation of trading on AIM Discovery Metals is currently publically listed on the ASX, AIM and the BSE. The Company's securities commenced trading on AIM on Friday, 29 June 2007 and have had a successful 4 1/2 years on AIM. The Company's primary listing is with the ASX, with approximately 92.4% of the Company's securities held on the Australian shareholder register, 6.3% on the Botswana shareholder register and 1.3% held as depositary interests on the UK depositary interest register as at 24 January 2012. In terms of shareholder numbers, there are approximately 6,000 shareholders on the Australian shareholder register, 1,000 shareholders on the Botswana shareholder register and 100 depositary interest holders in the UK. Some of the Company's top UK and European based shareholders (including three of the Company's top five shareholders by percentage holding) hold their securities as fully paid ordinary shares on the Australian shareholder register and not as depositary interests in the UK, despite having their offices and headquarters based in the UK or Europe. Throughout the past two years the Company has seen a significant number of securities held as depositary interests in the UK transferred to the Australian shareholder register and traded on the ASX. By way of an example, in December 2009 approximately 8.9% of the Company's issued share capital was held on the depositary interest register in the UK and traded on AIM, compared to 1.3% in December 2011. The Company views this migration as a strong indication from its shareholders of their preference to invest in the Company via the ASX rather than AIM. In light of this, the Board has concluded that the overall benefit to the Company of having its securities cancelled from trading on AIM outweigh those of having its securities continue to trade on AIM. Further, given the relatively low trading volumes on AIM, the Company considers that the additional regulatory compliance burden and the costs involved in maintaining the AIM listing exceed the benefits obtained by the Company from having the AIM listing. Discovery Metals intends to continue to maintain its primary listing on the ASX and a secondary listing on the BSE. Holders of the Company's AIM securities wishing to trade in the Company's shares after the Effective Date will be able to do so through an Australian registered broker on the ASX. 3. The options available to you It is important to note that the cancellation of trading of the Company's securities on AIM may have taxation or other consequences for depositary interest holders. Accordingly you should seek your own legal, financial or professional advice from your solicitor, financial adviser or other professional adviser on how you should deal with your interest given your own personal circumstances. The Company does not and is unable to provide any legal, financial or other professional advice to you and the information contained in this letter is general in nature only, does not take into account your personal circumstances and is not intended to constitute legal, financial or other professional advice. Depositary interest holders may elect to do any of the following: 1. Do nothing Until the Effective Date, the Company's securities will remain admitted to trading on AIM. You will be able to continue to deal as usual in the Company's securities on AIM until the Effective Date. If you do nothing, on the Effective Date any depositary interests you hold on the Company's UK depositary interest register will be immediately replaced with the equivalent number of fully paid ordinary shares in the Company and your interest in the Company will be migrated to the Company's shareholder register in Australia. Unless you instruct an Australian registered broker to hold the fully paid ordinary shares on your behalf, they will be held under an "Issuer Sponsored" account on the Australian shareholder register of the Company under the same name as you currently hold your depositary interests in the UK. If your shares are registered as "Issuer Sponsored" on the Australian shareholder register then you will need to engage an Australian registered broker before you can trade these shares on the ASX in the future. In other words, you will need to have your shares "Broker Sponsored" before you can trade on the ASX. Please note that the Australian registered broker sign-on process can be a prolonged process as there are strict client identification requirements in Australia. Accordingly, it is suggested that you have your interest in the Company sponsored by an Australian registered broker as soon as possible, by either: a. contacting your own stockbroker to advise you accordingly (Item 2 below); or b. registering with an Australian registered broker (Item 3 below). You can arrange for your interest in the Company to be sponsored by an Australian registered broker prior to or after the Effective Date. 2. Have your interest in the Company sponsored by your existing stockbroker Please contact your stockbroker directly in this regard. Not all stockbrokers are eligible to trade on the ASX, so please check this accordingly. If your stockbroker can trade on the ASX on your behalf then they will let you know if they require any further information from you. If you choose this option, it will be your responsibility to ensure all requirements and regulations are followed. 3. Have your interest in the Company sponsored by an Australian registered broker If you do not have your own stockbroker, or your stockbroker is not an Australian registered broker then you may wish to register with an Australian registered stockbroker to enable you to trade your interest in the Company on the ASX. A complete list of Australian registered brokers can be found on the following website:http://www.asx.com.au/resources/find-broker.htm However, Blackswan Equities, RBS Morgans and UBS AG, broking firms based in Australia have agreed to assist Discovery Metals' Depositary Interest holders by acting as their Australian registered broker[1]. If you choose this option, it will be your responsibility to ensure all requirements and regulations are followed. For further information on how to have interest in the Company sponsored by an Australian registered stockbroker, please do not hesitate to contact: * Guy Lyons of Blackswan Equities on +61 8 9346 0331 (9:00 am to 5:00 pm (Perth time) Monday to Friday); * RBS Morgans (Australia) on +61 7 3334 4888 (9:00 am to 5:00 pm (Brisbane time) Monday to Friday); or * Daniel McMillan of UBS AG on +61 2 9324 2363 (9:00 am to 5:00 pm (Sydney time), Monday to Friday). 4. Formal Notice under Trust Deed In accordance with Clause 15.3 of the Trust Deed Poll dated 5 May 2007 (the "Deed") between Computershare Investor Services PLC ("Computershare") and the Company, Computershare as the Depositary under the Deed, hereby gives notice of the following amendment to the Deed. * The reference in clause 14.1 to 90 days' prior notice in writing, shall be deleted and replaced with 1 day's prior notice in writing. Accordingly, Computershare hereby provides advance notification that it shall cease to be depositary and custodian in accordance with the Deed with effect from the Effective Date. On the Effective Date the Depositary Interest facility shall terminate and Discovery Metals Limited Depositary Interests will be cancelled in accordance with the terms of the Deed. 5. Further Information and Helpline Contact Details If you have any questions in respect of the registration of your Depositary Interest in the UK or the transfer process of your interest in the Company to the Australian register, please contact the Computershare (UK) broker hotline on +44 906 999 0000. If you would like to register with an Australian registered broker or have any questions on the process of registering with an Australian registered broker, please contact: * Guy Lyons of Blackswan Equities on +61 8 9346 0331 (9:00 am to 5:00 pm (Perth time) Monday to Friday); * RBS Morgans (Australia) on +61 7 3334 4888 (9:00 am to 5:00 pm (Brisbane time) Monday to Friday); or * Daniel McMillan of UBS AG on +61 2 9324 2363 (9:00 am to 5:00 pm (Sydney time), Monday to Friday). If you have any other questions please contact the Company's UK Broker Fairfax I.S. PLC and they will try to assist you or direct you to the relevant contact. You should ask for Laura Littley who can be contacted on +44 207 598 5368 from 9:00 am to 5:00 pm (London time) Monday to Friday. The Company would like to take this opportunity to thank its depositary interest holders for their support over the past 4 1/2 years. Yours faithfully Gregory Seeto Andrew Davidson Company Secretary UK Relationship Manager - Depositary Interest Team Discovery Metals Limited Computershare Investor Services PLC =------------------------------------------------------------------------------- [1] Discovery Metals is not a registered provider of financial services in Australia and does not, nor does it purport to, provide you with any financial or other professional advice. Except to the extent that Blackswan Equities, RBS Morgans or UBS AG (the Brokers) have agreed to assist Discovery Metals' Depositary Interest holders as set out in this letter, Discovery Metals is in no way related, associated or affiliated with any of the Brokers. The Company's statement on the Broker's agreement to assist Depositary Interest holders should in no way be interpreted as the Company supporting or endorsing the expertise or services provided by any or each of the Brokers. You should conduct your own inquiries and due diligence on the Brokers (or any other Australian registered stockbroker) before engaging their services. The Company will not be a party to any engagement a Depositary Interests holder has with any Broker. Whether the terms and conditions of any engagement with any of the Brokers are acceptable to a Depositary Interest holder will be the sole decision of the relevant Depositary Interest holder to make (in conjunction with any professional advice sought). The provision of financial advice or financial services is heavily regulated in Australia under the Corporations Act 2001 (Cth). The provision of any financial advice or financial services by any of the Brokers (or any other Australian registered stockbroker) is done so in their own personal capacity and not on behalf of Discovery Metals. Discovery Metals has no liability of any sort for the conduct or actions of any of the Brokers or any other Australian registered stockbroker. If you elect to engage any of the Brokers (or any other Australian registered stockbroker), you do so entirely at your own risk. Attachment: Proposed Cancellation of Admission to Trading on AIM: http://hugin.info/137928/R/1580947/493732.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Discovery Metals Limited via Thomson Reuters ONE [HUG#1580947]
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