By Elena Vardon
Tlou Energy said it was proposing to delist from London's AIM.
The energy company on Monday said that the board is unanimously recommending that shareholders vote in favor of the cancellation at its annual general meeting on Nov. 26.
The level of support from the U.K. market for African-based projects and exploration companies has dropped since Tlou's listing in 2015, and the group doesn't expect this trend to change in the future, it said. This is making it harder to raise capital and, along with the considerable cost of maintaining a listing, doesn't make remaining on the AIM worthwhile, it said.
Shares in Tlou Energy will still be listed on the Botswana Stock Exchange and the Australian Securities Exchange, its primary trading venue for equities, it said.
"Streamlining the company share listings will not impact existing shareholders as shareholders will still be able to trade on the ASX, whilst bringing a reduction in administrative costs," Tlou Energy said.
If approved, the cancellation will take place on Dec. 31, it said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
October 28, 2024 03:27 ET (07:27 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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