19th May 2016 09:21
LONDON (Alliance News) - Coats Group PLC on Thursday said it will delist from both the NZX Main Board in New Zealand and the Australian Securities Exchange on June 24, at which point its shares will be traded only on the London Stock Exchange.
This comes after Coats shareholders approved a resolution to delist from the NZX Main Board at the company's annual general meeting on Wednesday, voting 99% in favour. In total, 70% of votes were cast as a percentage of the issued share capital of Coats, it said.
The decision to delist, which was first announced in November 2015, "reflects the much reduced shareholder base in the two countries, the benefit of concentrating trading volumes on one market and the company's move away from its New Zealand-focused, investment firm past".
New Zealand and Australian shareholders make up 11% of the company's share register, down from more than 30% a year ago, Coats said.
Shares in Coats were down 0.7% at 28.80 pence in London on Thursday
By Hannah Boland; [email protected]; @Hannaheboland
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