Perth: Kimberley Diamonds came a step closer to being delisted from the Australian Securities Exchange (ASX) in a move that it hopes will reduce costs and facilitate fundraising.
The exchange approved Kimberley’s request, leaving shareholders with the final say. The company must invite shareholders to a meeting to approve the delisting, which can only come into effect a month later, according to the ASX ruling.
Kimberley applied to be removed from the exchange in November, citing a lack of interest and liquidity in its shares, which it claimed were undervalued. Delisting would reduce costs while making fundraising and loan restructuring easier, the company argued in a statement November 11.
