The New Zealand-based exploration and production company, Austral Pacific Energy Ltd. has begun the process to de-list from the American Stock Exchange (AMEX).
Commenting on the decision, CEO Thompson Jewell stated, "We're listed on exchanges in New Zealand, Canada and the U.S. Maintaining three listings is a very costly and resource-intensive business that puts strain on our management and compliance load, without adding any tangible benefit to our shareholders or corporate governance standards.
"De-listing from the AMEX is a sensible and efficient option at this time, as we seek to reduce costs and concentrate on increasing production and cash flow from our operations."
The shareholder base is international, with 34% of the company's shareholder base in New Zealand and 46% in the United States and Canada. The AMEX currently accounts for some 65% of the trading volume in Austral Pacific shares. The Company's last trading day on the AMEX is expected to be June 27, 2008.
Jewell confirmed that North American shareholders will continue to be able to trade the company's stock on the TSX Venture Exchange (TSX-V) and the New Zealand Stock Exchange (NZSX) and therefore the company does not intend to arrange for trading of its common shares on any other national securities exchange or quotation medium in the United States. The company's trading symbol on TSX-V and NZSX is APX.<
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