RAPAPORT... Kimberley Diamonds came a step closer to being delisted from
the Australian Securities Exchange (ASX) in a move that it hopes will reduce
costs and facilitate fundraising.
The exchange approved Kimberley’s request, leaving
shareholders with the final say. The
company must invite shareholders to a meeting to approve the delisting, which
can only come into effect a month later, according to the ASX ruling.
Kimberley applied to be removed from the exchange in
November, citing a lack of interest and liquidity in its shares, which it
claimed were undervalued. Delisting would reduce costs while making fundraising and loan restructuring easier, the company argued in a statement
November 11.
Kimberley owns the Lerala mine in Botswana.
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