Hardy Oil and Gas Plc (AIM: HDY) the oil and gas exploration and production company with assets in India and Nigeria intends to apply for a primary listing of its ordinary shares on the Official List of the UK Listing Authority and to trading on the London Stock Exchange plc's main market for listed securities.
Such a move will be through an introduction of its existing Ordinary Shares, with no new Ordinary Shares being issued. Pursuant to Rule 41 of the AIM Rules for Companies, the Company hereby gives notice of the intended cancellation of trading of its Ordinary Shares on the AIM market of the London Stock Exchange plc.
It is expected that the cancellation of trading in the Ordinary Shares on AIM will take place at the same time as the Ordinary Shares are admitted to the Official List and begin trading on the Main Market, which is expected to occur in Q1 2008, subject to the receipt of the necessary approvals from the UK Listing Authority and the London Stock Exchange plc.
The Company and its subsidiaries have grown significantly since admission to AIM in 2005 and the board now considers, having regard to the Company's market capitalization, reserves and resource base, operations and production profile, the Official List to be a more appropriate platform than AIM for the continued growth of the Group.
Investors should consult their own tax advisers as to the tax implications of the move to the Official List.
Arden Partners plc has been appointed as sponsor in relation to the move to the Main Market and will be acting as broker and financial adviser to the Company.
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