Calima Energy's formal application for delisting from ASX

Calima Energy Limited (ASX:CE1) has formally applied to the Australian Securities Exchange (ASX) to be removed from the official list, following in-principle advice from ASX. The company's board of directors has unanimously determined that the delisting is in the best interests of shareholders due to reasons including suspension from trading, lack of liquidity, lack of assets, listing costs, and the minimal impact on minority shareholders. The proposed delisting is subject to shareholder approval at a general meeting to be held on 14 October 2024.

Executive commentary on the delisting decision

The board of directors of Calima Energy Limited has made the decision to apply for delisting from the official list of the ASX after careful consideration of the company's current situation. The suspension from trading, lack of liquidity, and the sale of its assets have led to the conclusion that the delisting is the most suitable course of action for the company at this time. The board believes that the funds and management time currently used to maintain the ASX listing could be better directed towards the company's ongoing focus and development of new project acquisitions. The proposed delisting is aimed at optimizing the company's resources and aligning with its strategic goals.

Summary of Calima Energy's delisting application and outlook

Calima Energy Limited (ASX:CE1) has formally applied for delisting from the official list of the ASX, citing reasons such as suspension from trading, lack of liquidity, lack of assets, and listing costs. The company's board of directors has unanimously determined that the delisting is in the best interests of shareholders. If the delisting is approved by shareholders, the company's securities will no longer be quoted on ASX, and shareholders will have their CHESS holdings converted to the certificated sub-register on the company's share register. The company will continue to be subject to continuous disclosure obligations under the Corporations Act and will provide disclosure to shareholders of material matters. The proposed delisting is subject to shareholder approval at a general meeting to be held on 14 October 2024. The company aims to optimize its resources and focus on the development of new project acquisitions following the delisting.