DRA Global wants to delist from JSE, ASX
Mining consulting engineering company DRA Global has announced its intention to delist from both the ASX and the JSE. As part of this process, it intends to undertake an off-market equal access share buyback once shareholder approval is obtained.
The dual delisting and the share buyback proposals will be put forward for shareholder approval at an extraordinary general meeting to be held on November 7.
“Given the size of DRA and the low level of trading on the ASX and the JSE, the board believes the financial, administrative and compliance obligations and costs associated with maintaining an ASX listing and a JSE listing are no longer justified, nor is the high level of compliance costs in the best interests of all shareholders.
“A significant proportion of the company's management time is currently being dedicated to time-intensive matters relating to the company's ASX listing and JSE listing. If the company delists, management's time will be able to be spent on other value-adding matters for the benefit of the company and its shareholders,” DRA said in a statement on October 9.
The share buyback will provide shareholders with the opportunity to realise some or all of their investment in DRA prior to the delistings.
In the event that shareholders do not approve the delistings, the buyback will provide shareholders with access to liquidity that is not available through normal market trading.
For this reason, DRA said, the buyback would not be conditional on the delistings being approved by its shareholders.
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