16th Sep 2015 09:01
LONDON (Alliance News) - Xcite Energy Ltd on Wednesday said it has asked for its shares to be delisted from trading on the Toronto Stock Exchange because of "minimal trading activity".
"The directors of the company believe that the minimal trading activity of Xcite's ordinary shares on the TSX-V no longer justifies the expense and administrative requirements associated with maintaining this dual listing, and that Xcite's continuing AIM listing provides its shareholders with a sufficiently liquid market," it said in a statement.
The company has applied for a voluntary delisting at the Toronto Stock Exchange, and if accepted, it is anticipated Xcite shares will delist from the exchange on September 30. Its shares on AIM will continue to trade as normal.
Once it has delisted from the TSX, Xcite will close its Canadian share register and replace it with a new one in the British Virgin Islands. The Canadian share register will shut on November 30.
Xcite shares on AIM were trading up 0.3% to 25.83 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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