23rd Jan 2014 10:11
LONDON (Alliance News) - Commodities firm Beacon Hill Resources PLC Thursday said its securities ceased trading on the Australian Securities Exchange (ASX).
The delisting took place at 4 PM Australian Eastern Standard Time.
As announced on September 19, 2013, the company applied to the ASX and was subsequently given approval to be removed from the ASX official list.
The ASX then confirmed Beacon Hill's delisting from the ASX.
No change will occur to the quotation and trading of Beacon Hill shares on London's Alternative Investment Market, the firm said.
"For the most part, our traded volume and liquidity is on the London Exchange where we have our primary listing," Chief Executive Rowan Karstel said in a statement.
"With only 0.34% of the company's shares held on the secondary Australian register, the board concluded that the ongoing maintenance costs of the ASX listing were not justifiable as we seek to reduce our administrative costs," he added.
The stock was trading in London at 0.910 pence Thursday morning, up 0.015 pence or 1.7%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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