01/05/2009 - 11:17

Videlli to delist from ASX

01/05/2009 - 11:17

Bookmark

Save articles for future reference.

Balcatta-based Videlli, formerly ERG, plans to delist from the Australian stock market to better focus on its Tcard project litigation in New South Wales.

Balcatta-based Videlli, formerly ERG, plans to delist from the Australian stock market to better focus on its Tcard project litigation in New South Wales.

The delist decision follows a restructure last year when investor Duncan Saville's Ingot Entities bought Videlli's global business operations and certain non-strategic assets for $125 million.

Videlli retained subsidiary Integrated Transit Systems, which is currently embroiled in a legal battle with the NSW government over a train ticketing project, otherwise known as Tcard.

The NSW government, through the Public Transport Ticketing Corporation, terminated the project early last year.

"Given that the Company's main activity is still limited to the conduct of the Tcard litigation the Board does not believe that the company gains any benefit from being listed on the ASX and is now seeking removal," Videlli said today.

"The company's removal from the official list of the ASX will significantly reduce its compliance and share registry costs and will allow it to continue to conduct the Tcard litigation without the burden of these and other associated costs."

Shares in Videlli were down 0.3 cents or 60 per cent to 0.2 cents at 12:56 AEST.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options