Aviva Corporation has revealed it has applied for voluntary delisting of its securities from the Botswana Stock Exchange (BSE).
In a statement, BSE confirmed that Aviva’s securities will be delisted and therefore no longer be traded on the local stock exchange after the close of trading on 27 September 2013.
“No change will occur to the quotation and trading of Aviva’s shares on the Australian Securities Exchange (ASX). Following the delisting from the BSE the Botswana Share Register will be closed,” a statement says.
Mark Pearce, the Director of AVIVA said their principal investment in Botswana was the establishment and development of the Mmamantswe Coal Project.
“Aviva became involved in the Project in 2007 and listed on the Venture Capital Market of the BSE that same year.
On the 9th of July 2013 Aviva received shareholder approval to sell their wholly-owned subsidiary Botswana Energy Solutions Limited (BES) to African Energy Resources Limited,” said Pearce.
Mmamantswe Coal which holds Aviva’s rights to the Project is a wholly owned subsidiary of BES.
“Following the sale of BES, Aviva has no commercial interests remaining in Botswana and thus the continued listing of its shares on the BSE is no longer justified,” Pearce said in a statement.
In order to assist shareholders of Aviva who remain on the Botswana Share Register after the Delisting Date, Pearce said such shareholders may for the 6 weeks following the Delisting Date, sell all of the shares they own in Aviva through a Share Sale Facility.
Aviva will provide full details of the Share Sale Facility in a Circular to be mailed to shareholders of Aviva on the Botswana Share Register on or about 27 September 2013.
Pearce has advised that Aviva shareholders on the Botswana Share Register who do not utilise the Share Sale Facility will have their shareholding in Aviva transferred to the Australian Register on completion of the Share Sale Facility, at no cost.
Once the transfer to Aviva’s Australian Register is complete, these shares may continue to be traded through the ASX, subject to the rules of the ASX.