African Copper, the company with copper assets in Botswana has been given the go ahead to de-list from the local bourse over lack of liquidity on its stock. The UK domiciled company has been in discussion with the Botswana Stock Exchange (BSE) with a view to delisting its ordinary shares from the exchange.
“The BSE has now granted the application to delist the Company’s Ordinary Shares and therefore 27 August 2015 will be the last day for trading Ordinary Shares of the Company listed on the BSE, with the BSE Cancellation becoming effective from 7.00 am on 28 August 2015 (the “Delisting Date”),” the company said.
The company has since appointed BritDAQ Limited to provide a matched bargain trading facility commencing from the delisting date to assist shareholders after the delisting date.
Under this Share Matching Facility, Shareholders (or other persons entitled to do so in accordance with the terms of the Share Matching Facility) wishing to acquire or dispose of ordinary shares will be able to leave an indication on the BritDAQ website that they are prepared to buy or sell at an agreed price.
“In the event that BritDAQ is able to match that order with an opposite sell or buy instruction, BritDAQ will contact both parties and then arrange the bargain. BritDAQ is an appointed representative of ZAI Corporate Finance Limited, which is authorised and regulated by the Financial Conduct Authority.”
Shareholders located in Botswana who wish to participate in the Share Matching Facility can do so by contacting the Company’s appointed corporate broker based in Botswana, Imara Capital Securities (Pty) Limited, it advised.
“Unless otherwise stated, capitalised terms used in this announcement are defined and have the same meanings given to them in the Company’s Circular to Shareholders posted on 11 May 2015.”
African Copper is a holding company of a copper producing and mineral exploration and development group of companies with the main asset being Mowana Mine which consists of a 3,000 Mt per day copper processing facility and the copper producing Mowana openpit.
Mowana is located close to Botswana’s second largest city, Francistown, in the north-eastern part of the country, in an area which has been mined for the past 400 years.