Aviva Corporation has notified the Botswana Stock Exchange of its intentions to de-list ÔÇö a move that follows the sale of Mmamantswe coal project to African Energy.
The Australian company said following the sale of its key assets in the country, it had no commercial interests remaining in Botswana and thus the continued listing of its shares on the BSE is no longer justified.
“BSE has confirmed that Aviva’s securities will be delisted from the BSE and therefore no longer be traded on the BSE after the close of trading on 27 September 2013 (“Delisting Date”),” the company said.
However, there will be no change 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.
Aviva’s key investment in Botswana was Mmamantswe Coal Project ÔÇö a project which the company became involved in since 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 (ASX: AFR, BSE: AFR).Mmamantswe Coal(Proprietary) Limited 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”.
Aviva added that in order to assist shareholders of Aviva who remain on the Botswana Share Register after the Delisting Date, such shareholders may for the six weeks following the Delisting Date, sell all of the shares they own in Aviva through a Share Sale Facility. The company said it 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.
“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.”