Astra Resources updates market on Deutsche Börse AG listing
Thursday, 10 May 2012
Astra Resources PLC (FWB Code: 9AR) has provided an update on the status of its listing on the Deutsche Börse AG.
With the recent announcement by the Frankfurt Stock Exchange ("FSE") of the planned closure of its First Quotation Board ("FQB"), this has affected Astra, as with other UK registered companies with shares traded on the FQB.
It is expected that the FQB will be closed around December 2012 in order to give listed companies an opportunity to consider their position and make alternative listing arrangements.
Astra had been advised by its Consultants that this would be a gradual process, however in the last twenty four hours the FSE has informed the Designated Sponsor of the temporary suspension of any trading in Astra shares. Notably, the FSE has placed such temporary suspensions of the shares trading on many other companies being traded on the FQB in the last twenty four hours.
The suspension of trading of Astra shares by the FQB is not reflective of any lack of solvency of Astra, nor is it reflective in any manner of any business activity being conducted by Astra. It is probably a consequence of the past trading volume in the Astra shares on the FQB.
As a consequence that the FQB will be closed by the end of this year, Astra is in the process of compiling the required proofs required by the FSE for its envisaged move to the Entry Standard segment.
Astra wishes to advise shareholders it regards this situation as an opportunity and not a dilemma.
Astra has for some time considered the deficiencies of being traded on the FQB and therefore is in the process of making its aforementioned application to be listed to the Entry Standard segment. This application will continue, as will Astra's determination (as previously advised to all shareholders) to dual list its securities on another major stock exchange.
In doing this, Astra will maintain its access to capital and investors, and continue to provide shareholders with a liquid market for its securities.
Since its inception, Astra has been a proactive company in every respect, and it will continue to be so. Shareholders should take comfort that the Board will respond to this matter in their best interest and to promote its success.
The Designated Sponsor is presently in contact with the FSE in respect to resolving the issue of its shares trading suspension, and further advice will be provided shortly.
Astra Resources’ global portfolio includes gold interests in Southeast Asia, coal mine in Africa, iron ore in India, Norway and the Philippines, carbon efficient and commodity businesses, the production of the high-strength T-Steel technology in Hungary, clean coal technology and the provision of mining services housing in Rockhampton, Queensland and a large Agricultural focus on creating Australia as the food bowl for the Asian Region through Astra Agricultural Resources.
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