First Cobalt Releases Shareholder Information Pack for Voluntary Delisting

  • May 10, 2019 AEST
  • Team Kalkine
First Cobalt Releases Shareholder Information Pack for Voluntary Delisting

Today, on 10th May 2019, First Cobalt Corp. (ASX: FCC) announced that it has now received formal notification from the Australian Stock Exchange (ASX) resolving to remove the company from the official list of ASX. A copy of the shareholder information pack related to the voluntary de-listing process of its securities listed on the ASX can be found at www.asx.com.au. The company is in the process of posting the Shareholder Information Pack to CHESS Depository Interest holders (CDI) by sending a written or electronic communication to them. If CDI holders wants to dispose their securities on the stock exchange, they will have to do so before the specified time; and if they don’t, thereafter they will only be able to sell their securities on-market on the other stock exchange or exchanges where the entity is listed. If they wish to dispose their shares on the other stock exchange or exchanges, where the company is listed, they need first to convert their CDIs to the underlying securities. The company’s removal from the stock exchange official list is no earlier than 30 days after the required communication has been conveyed to CDI holders.

Suspension of trading of CDI shares on the ASX is expected to occur from the close of trading on 13th June 2019 (Suspension Date). This means that CDI shares can be traded on the ASX till the close of trading on 13th June 2019. After this time and date, CDI shareholders will not be able to trade their shares on the ASX. It is expected that First Cobalt will be de-listed from the ASX from the close of trading on 20th June 2019 (De-listing Date). There are number of options available to CDI shareholders, including converting the CDI shares into First Cobalt common stocks listed on the TSX Venture Exchange in Canada. In Canada, the common shares can be held electronically with a registered Canadian broker in the Canadian Depository for Securities (CDS); or electronically as a book entry in the direct registration system (DRS) and registered directly on the register. There is no requirement for holders to be in Canada to trade their common share on the TSX-V. To trade stocks on the TSX-V, the holders will need to independently establish an account with a broker in Canada or an Australian broker that has a relationship with a broker or other appropriate financial institution in Canada. Holders can contact their broker or financial and tax advisers for information on trading common shares on the TSX-V and on the question of how they should sell their common shares.

On the stock information front, at market close on 10th May 2019, the stock of First Cobalt was trading at $0.150, with a market capitalisation of ~$65.9 million. Today, it touched day’s high at $0.150, which is also day’s low with a daily volume of 172,532. Its 52 weeks high and low price stands at $0.840 and $0.145, with an average volume of 483,691. Its absolute returns for the past one year, six months and three months are -80.77%, -46.43%, and -14.29%, respectively.


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