|
|
Oakbay - volantary delisting of securities
Shareholders are referred to the SENS announcements made by the Company on 12 May 2017, 2 June 2017, 13 June 2017; whereby shareholders were informed of the resignations of an Independent Non-Executive Director (who was also the Audit Committee Chairman), its Sponsor and its Transfer secretaries. Shareholders are further referred to the SENS announcements made by the Company on 22 June 2017 and 23 June 2017; whereby shareholders were informed of the material uncertainty surrounding the Company's future ability to meet its obligations in terms of the JSE Listings Requirements as a result of these resignations, as well as a subsequent decision made by the JSE to grant the Company's request for a voluntary suspension of the listing of its securities under the prevailing circumstances.
Subsequent to these announcements, the Company has approached several JSE accredited Sponsors and Transfer Secretaries, but has been unsuccessful in its efforts to fill the aforementioned vacancies. Accordingly, Oakbay Resources is of the view that it is unlikely that it will be able to fill the vacant positions; which are mandatory in terms of the JSE Listings Requirements and the Companies Act (No. 71 of 2008), on a timely basis.
Shareholders are advised that the JSE has, on 10 July 2017, granted a request made by Oakbay Resources for the voluntary delisting of its securities pursuant to Section 12(5)(a) of the Financial Markets Act 19, of 2012. This decision by the JSE follows a careful consideration by them of all relevant facts and information at their disposal, and is based on the Company's inability to comply with the peremptory and material provisions of the JSE Listings Requirements, coupled with the fact that Oakbay Resources has indicated to the JSE that it is unable to continue to comply with these requirements, as a result of the circumstances set out above.
Salient dates and times in respect of the Delisting
Shareholders are advised of the following important dates in relation to the delisting of the Company's securities:
- Last Day to Trade ("LDT") Tuesday 18 July 2017
- Record Date Friday 21 July 2017
- Termination date of listing of Oakbay shares on the main board of the JSE at the commencement of trade on Monday 24 July 2017
|
|
Click here for original article
|
| |
| |
| Click here for full news archive for this company |
|
| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
| |
|
|
