Tethys Petroleum Limited to Cancel Listing in the United KingdomSource: www.gulfoilandgas.com 3/17/2017, Location: Europe
Tethys Petroleum Limited (“Tethys” or the “Company”) today announces that it has applied to the United Kingdom Listing Authority (“UKLA”) to cancel the standard listing of the Company’s ordinary shares (the “Shares”) from the Official List of the UKLA and the cancellation of trading in the Shares on the Main Market of the London Stock Exchange (together, the “Cancellation”), following a determination by the Company that the costs of maintaining a dual listing on the London and Toronto stock exchanges is unnecessarily expensive for a company of Tethys’ size.
Following the Cancellation, the Shares will continue to trade on the Toronto Stock Exchange which should provide shareholders with liquidity and places sufficient corporate governance requirements upon the Company. Further, the Company’s conclusion, that the London listing be cancelled, is supported by the limited trading and liquidity of the Shares on the London Stock Exchange (meaning that limited benefit is brought by that listing).
Pursuant to Listing Rule 5.2.8, the Company announces that the cancellation notice period has now commenced and cancellation is expected to take effect at 7:00 am on Tuesday 2 May, 2017.
The Company currently has two share registers, a register maintained by Capita Asset Services in the UK and a register maintained by TSX Trust Company in Canada. It is the Company’s intention to transfer the shareholdings on the Capita Asset Services register to the TSX Trust Company register following the Cancellation which should result in further cost savings for the Company. Those shareholders affected will be contacted about this with further details in due course.
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