ASX/TSXV-listed West African Resources has applied for a voluntary de-listing of its ordinary shares from trading on the TSXV.
TSXV has subsequently confirmed that West African Resources’ shares will be de-listed and therefore no longer traded on the TSXV after close of trading on Friday, 8 March 2019.
No change will occur to the quotation and trading of West African Resources shares on the ASX and its shares will remain available for trading on the ASX under the code WAF.
Reasons for de-listing
The decision to de-list is due to several factors, including the limited trading volume of WAF’s shares on the TSXV over a sustained period.
Over a 12-month period to mid-February 2019, 85% of West African Resources’ shares that were traded occurred on the ASX.
Furthermore, average daily volumes of shares traded on ASX in the last six months were 500k compared to 90k on the TSXV.
In addition, only approximately 9.5% of West African Resources’ shares are held on the Canadian share register.
As a result, the Board considers the regulatory and other costs associated with maintaining the TSXV listing cannot continue to be justified.