UPDATE: Platmin Shares Down 45% After Company Announces Voluntary De-Listing From TSX
Less than a week after Platmin Limited (PPN.TO) was trading at 18 cents, the company shares have almost halved, to touch 10 cents today, and bringing it to a new year low.
Platmin announced today that its shareholders have approved the special resolutions which authorize the company to make an application to the registrar of companies for entry into the register of companies in Guernsey and to repurchase its common shares. Platmin said its shareholders showed strong support, with more than 95% favouring each resolution.
Platmin said it has notified the TSX of its unanimous decision to voluntarily de-list its common shares from the TSX as its primary listing; and will work with the JSE to terminate its secondary listing. The Voluntary De-listing is expected to be effective on December 15, 2011.
Platmin also said it "strongly encourages" shareholders to continue to hold their Platmin shares following the Voluntary De-listing to ensure participation in the anticipated regional consolidation, and subsequent re-listing when more favourable conditions return to the world's equity markets.
To accommodate shareholders who do not wish to hold unlisted shares, the Company intends to repurchase no more than 10% of its common shares.T he Company has been advised that its major shareholders, representing approximately 70% of its common shares, will not buy or sell before the Voluntary De-listing is effective, nor will they participate in the proposed Share Buyback.
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