Clean TeQ Holdings Limited Announces Voluntary De-Listing from Toronto Stock Exchange
MELBOURNE, Australia, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Clean TeQ Holdings Limited (‘Clean TeQ’ or ‘Company’) (ASX/TSX:CLQ; OTCQX:CTEQF) advises that it has applied for a voluntary de-listing of
its ordinary shares (‘shares’) from trading on the Toronto Stock Exchange (‘TSX’).
TSX has subsequently confirmed that the Company’s shares will be de-listed and therefore no longer traded on the TSX after close of trading on 5 November 2020.
No change will occur to the quotation and trading of Clean TeQ shares on the Australian Securities Exchange (‘ASX’) and its shares will remain available for trading on the ASX under the code CLQ.
Reasons for de-listing
The decision to de-list is due to several factors, including the limited trading volume of Clean TeQ’s shares on the TSX over a sustained period of time. Over a 12-month period to early-October 2020, 96% of shares traded occurred on the ASX. Furthermore, the average daily volume of shares traded on ASX over the same period was 1,245,000 compared to 48,800 on the TSX. In addition, only 1.7% of Clean TeQ’s shares are held on the Canadian share register. As a result, the Board of Directors considers the regulatory and other costs associated with maintaining the TSX listing cannot continue to be justified.
Implications of the delisting for shareholders on the Canadian share register
In order to trade their shares on the ASX, Canadian registered and beneficial shareholders will need to have their shareholdings moved to the Australian share register.
After the de-listing date of 5 November 2020 and until a movement of shares to the Australian register is effected, shareholders on the Canadian register, and beneficial shareholders holding their securities through a Canadian Depository for Securities (‘CDS’) participant/broker will not be able to trade their shares on the ASX and their shareholdings will remain on the Canadian share register until the automatic closure of the register occurs. The Company’s Canadian share register will, however, remain open until 9 December 2020, in order to enable shareholders and CDS participants currently on the Canadian share register to request, if they wish, to have their shares issued to a broker/nominee within CHESS, the Australian clearing and settlement system.