14/04/2015 - 12:18

Troy to delist from TSX

14/04/2015 - 12:18

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Perth-based gold producer Troy Resources has announced its intention to delist from the Toronto Stock Exchange due to a lack of demand for its shares in the Canadian market.

Troy chief executive Martin Purvis.

Perth-based gold producer Troy Resources has announced its intention to delist from the Toronto Stock Exchange due to a lack of demand for its shares in the Canadian market.

The Martin Purvis-led firm said more than 99 per cent of its share-trade volume in the past 12 months had occurred on the ASX, and it could no longer justify paying the regulatory and associated costs of maintaining its TSX listing, given the low volume of trade on the Canadian market

“It is expected that Troy’s securities will be delisted and therefore no longer traded on the TSX after the close of trading on April 22,” Troy said.

“No change will occur to the quotation and trading of Troy shares under its existing code TRY on the ASX.”

The company said its Canadian shareholders would need to have their holdings transferred to the Australian share register.

Following delisting from the TSX, Troy will apply for an order that it cease to be a reporting issuer in Canada.

Troy’s decision to delist from the TSX follows the footsteps of several Western Australia-based companies which, in the past few years, found themselves in similar situations.

The list includes nickel-focused Western Areas, which launched a dual listing in 2005 only to delist a year later because of a lack of shares taken up.

Copper producer Tiger Resources also exited the TSX in 2013 due to low trading volumes.

Troy shares were 1.1 per cent lower to 45.5 cents per share at 12:20pm.

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