REG - Jupiter Energy - Notice of Cancellation of AIM Listing <Origin Href="QuoteRef">JPR.AX</Origin>

Jupiter EnergyAnnouncement

31/07/2017 07:06

RNS Number : 2774M
Jupiter Energy Ltd
31 July 2017
31 July 2017
Jupiter Energy Limited ("Jupiter" or the "Company")
Notice of Cancellation of AIM Listing
The Company was originally dual listed on the AIM market of the London Stock Exchange in 2011 as a means of accessing capital from the UK and European equity markets. The Board have reviewed the Company's AIM listing and concluded that these benefits of listing have not been realised, due to a range of reasons. Given the Company's shareholder base is predominantly Australian, the relatively low volume of trading in shares on AIM and the Company's current cash position, the Board has concluded that the costs incurred in maintaining a secondary listing on AIM, exceeds the benefits obtained from the listing. On this basis, the Board considers it in the best interests of the Company and all shareholders to seek a cancellation of its depository interests ("DIs") over ordinary shares ("Ordinary Shares") from trading on AIM (the "Cancellation"). 
The Cancellation is not subject to shareholder approval however the Board has discussed this issue with Jupiter's three major shareholders being Waterford Petroleum Limited, Arrow Business Limited and Central Asian Oil Holdings Limited and each entity has given their unequivocal support in respect of the Cancellation. As a result the Company will proceed with the Cancellation, therefore the last trading day in DIs on AIM will be 25 August 2017 and cancellation will be effective at 7.00 a.m. on 29 August 2017 (the "Cancellation Date"). Following the cancellation of admission of the Company's Ordinary Shares on AIM, the DIs which have been trading on AIM will be cancelled and holding statements will be issued to current DI holders. 
The Company will continue to maintain its listing on the Australian Stock Exchange (ASX) and shareholders wishing to trade the Company's Ordinary Shares after the Cancellation Date will be able to do so on the ASX. 
The Company has made arrangements with a UK and Australian Broker to facilitate the execution of trades of Jupiter shares on the ASX, thus ensuring that UK shareholders are not materially prejudiced as a result of the Cancellation.
Contact details are as follows:
Beaufort Securities Ltd
Euroz Securities Limited
Attn: Matthew Giles
Attn: Cameron Murray
Phone: +44 20 7382 8314
Phone: +61 8 9488 1440
Email: matthew.giles@beaufortsecurities.com
Email: cmurray@euroz.com
Computershare, as the Company's registrar, will shortly be writing to each DI holder on the UK register to advise them of the process in more detail.
If DI holders do nothing with their existing holdings, the transfer to the Australian register will happen automatically. Your shareholding interest in the Company will be transferred to the Australian based share register maintained by Computershare and an updated holding statement will be issued to you in due course.
If shareholders have any questions regarding this they are welcome to contact the Company on +61 89 322 8222.
Geoff Gander
Chairman/CEO
ENDS
finnCap Ltd +44 (0)20 7220 0500
Matt Goode/ Emily Watts/Anthony Adams (Corporate Finance)
Simon Johnson (Corporate Broking)
About the Company:
Jupiter Energy Limited is an oil exploration and production company, quoted on the AIM, ASX and KASE markets. The Company is focused on developing its onshore assets in western Kazakhstan. In 2008 the Company acquired 100 per cent of the Block 31 permit, located in the oil-rich Mangistau Basin, close to the port city of Aktau.
Jupiter has a proven in-country management team, led by an experienced, international Board, together possessing the skills, knowledge, network and attention to detail needed to operate successfully in Kazakhstan. The forward plan will see Jupiter develop a group production facility on Block 31 to process, store and export oil. This topside infrastructure is a key element in moving to long-term production and the achievement of self-funding for further development of Block 31. 

This information is provided by RNS
The company news service from the London Stock Exchange
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