Australia's Linc Energy, a company focused on conventional and unconventional oil and gas production, announced Wednesday that it will seek approval from shareholders to delist from the Australian Securities Exchange (ASX) and request regulatory and securities exchange permission to list immediately on the Main Board of the Singapore Exchange (SGX). Shareholders will be invited to vote at an extraordinary general meeting (EGM) to be held on Wednesday Nov. 6 at the Hilton Brisbane Hotel, Queensland, Australia.
The decision of Linc Energy to convene the EGM follows its application to the ASX seeking Linc Energy's removal from the official list pursuant to ASX listing rule 17.11 and receipt of the decision of the ASX on Oct. 1 requiring the following conditions for the delisting:
1. Based solely upon the information provided, ASX Limited (ASX) agrees pursuant to listing rule 17.11 to remove Linc Energy Limited (the Company) from the official list of ASX (the Delisting) in connection with a proposal to list on the Main Board of the Singapore Exchange, subject to the following conditions:
1.1.1. The Delisting is approved by an ordinary resolution of the shareholders of the Company
2. ASX has considered listing rule 17.11 only and makes no statement as to the Company’s compliance with other listing rules.
The Company believes that listing on the SGX will help to unlock the value of Linc Energy’s conventional and unconventional oil, gas and coal assets and its underground coal gasification (UCG) technology to provide benefits for all shareholders. Singapore is a hub for the international capital market and an emerging regional oil & gas hub and the Company believes that the SGX is an ideal trading platform to broaden its investor base and improve access to international oil & gas and energy investors.
The Company believes the transition will improve access to capital markets and reposition the business to deliver its long-term growth strategy, enabling the Company to benefit from increasing demand for oil and gas in Asian markets. Coinciding with the SGX listing, the Company is considering offering shares to new investors.
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