LONDON, UK: Barloworld Limited share price tumbled on Thursday mid-day after the company announced to cancel its listing on London Stock Exchange effective October 01, 2021.
Barloworld Limited has made an application to the Financial Conduct Authority (FCA) for the cancellation of its current listing of its ordinary shares of 0.05R on the Standard Segment of the Official List and an application to the London Stock Exchange plc to cancel the admission to trading on the Main Market.
Directors of the company determined that, pursuant to various business transactions including an unbundling in 2008 and the subsequent disposal of assets and businesses in Europe, there was no visible benefit in maintaining the secondary listing on the London Stock Exchange.
The Ordinary Shares have been listed on the London Stock Exchange since 7 March 1969. Currently, shareholders holding approximately 0.14% of the total issued share capital of the Company appear on the Company’s UK branch register of members.
As a consequence, 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 the listing).
The Company currently has its primary listing on the Johannesburg Stock Exchange and maintains another secondary listing on the Namibian Stock Exchange. Following the Cancellation, the Shares will continue to trade on both of these exchanges which should provide shareholders with liquidity and places sufficient corporate governance requirements upon the Company. In order for shareholders on the Company’s UK register of members to trade on these exchanges, they will need to first transfer their shareholding back to South Africa and should contact Equiniti (the Company’s UK registrar).
Cancellation is expected to take effect on Friday, 1 October 2021.
Barloworld Limited share price was down 0.88% (down 93 pence) to 10,517 pence at mid-day on Thursday.
Barloworld is positioned as an industrial processing, distribution, and services company with two primary areas of focus: Industrial Equipment and Services and Consumer Industries (food and ingredient solutions), with remaining interests in the rapidly changing automotive world, focused on car rental and leasing activities. adhesives, amongst others .
Barloworld Limited
10,517.00 ZAC−93.00 (0.88%)today
2 Sep, 10:59 am GMT+2 ·Disclaimer
