UK Listing Removed by Woodside Energy

2 min read | October 16, 2024 04:02 AM EDT | By Team Kalkine Media

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UK Listing Removed by Woodside Energy — Image source: Shutterstock

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Highlights:

Delisting Decision: Woodside Energy Group Ltd has announced the cancellation of its secondary listing on the London Stock Exchange (LSE) due to low trading volumes and activity in its shares.

Administrative Cost Reduction: The decision to delist is aimed at reducing administrative costs associated with maintaining the secondary listing in London.

Primary Listings Unaffected: Woodside’s primary listing on the Australian Securities Exchange (ASX) and its American Depositary Receipts (ADR) program on the New York Stock Exchange (NYSE) will remain intact and unaffected by this change.

Woodside Energy Group Ltd (LSE:WDS) has announced its intention to terminate its secondary listing on the London Stock Exchange (LSE), effective November 20, 2024. The company cited low trading volumes and limited activity in its London-listed shares as primary reasons for this decision. Currently, depositary interests in London account for approximately 1% of Woodside's total issued share capital, indicating minimal market engagement.

The delisting is expected to alleviate administrative burdens and reduce associated costs for the company. Woodside's management has emphasized the focus on optimizing its operations and resource allocation. The final day of trading for its shares on the LSE will be November 19, 2024, after which the listing will be formally cancelled.

Despite this change, Woodside's primary listing on the Australian Securities Exchange remains unaffected, as does its American Depositary Receipts (ADR) program on the New York Stock Exchange. This strategic decision aligns with Woodside’s ongoing efforts to streamline operations and enhance shareholder value.

The group currently maintains a market capitalization of approximately £24.4 billion, reflecting its position as a leading player in the oil and gas sector. The move to delist from the LSE allows Woodside to concentrate resources on its core operations and pursue growth opportunities without the complexities associated with a secondary listing.

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