TIDMMNC
RNS Number : 9503C
Metminco Limited
04 October 2018
METMINCO Limited
AIM Delisting and Registry Transfer
Further to the announcement dated Wednesday 19 September in
which Metminco Limited ("Metminco" or the "Company") (ASX: MNC;
AIM: MNC) advised its intention to cancel the admission to trading
of its shares on AIM ("Cancellation"), effective 7:00am BST, 17
October 2018, the Company provides the following information for UK
shareholders to understand the process and actions required to:
-- register withdrawal of their stock from the UK depositary;
-- move their holdings to the Australian share registry agent; and
-- manage their Metminco shareholding on the Australian Securities Exchange ("ASX").
Summary
1. Metminco shares were suspended on AIM on the 19 September
2018, with Cancellation to be effective at 7:00am BST on the 17
October 2018. Metminco securities will not be traded again on AIM
before cancellation.
2. Metminco shares continue to be listed and traded on the ASX
platform, and UK shareholders will be able to trade their shares
once holdings registration and broker trading system arrangements
in Australia have been made.
3. UK shareholders will be required to withdraw their Metminco
shareholding from CREST and register their holdings with Metminco's
Australian registry - Link Market Services Limited ("Link").
4. This process commenced on 20 September 2018, and Metminco's
UK Depositary, Computershare Investor Services PLC ("CPU UK"),
commenced contacting UK Depository Interest ('DI') holders to
advise available options.
5. DI holders can voluntarily request the re-assignment of their
MNC shareholdings to the Company's Australian register until 25
October 2018. DI holders should contact their broker (as nominee)
and provide instructions to effect such a transfer in line with CPU
UK's correspondence who will facilitate the stock withdrawal from
CREST and transfer to Link. After that date, the balance of the DI
UK holdings will be automatically moved to Link, the Australian
registry provider. The DI is converted to Metminco shares on a 1:1
basis
6. As MNC shareholdings are registered to Link, they will notify
DI holders details of their holdings and their Securityholder
Reference Number ("SRN") which uniquely identifies your holding on
the Link Issuer Sponsored sub-register.
7. Holders of newly transferred shares will be able to trade
their shares on the ASX through the following options
a. With your SRN, Link can sell your shares on your behalf. To use this option, contact Link (http://www.linkmarketservices.com.au) to understand their requirements and fees.
b. Arrange with an authorised market participant (usually a
stockbroker or settlement agent) to sponsor you on the Australian
CHESS system ("Clearing House Electronic Subregister System", the
computer system used by the ASX to record shareholdings and manage
the settlement of share transactions) in order that trades can be
settled on ASX. To find an Australian broker, see
https://www.asx.com.au/prices/find-broker.htm . To use a broker in
Australia, a shareholder must contact a broker and open an account.
They will request various details from you, including your SRN
statement provided by Link and convert your holdings to the CHESS
sub-register so that they can trade your shares as requested. CHESS
shareholders are allocated a Holder Identification Number ("HIN"),
which uniquely identifies you as the holder of shares on the CHESS
sub-register.
c. Metminco has a commercial relationship with Patersons
Securities Limited. They are the Advisors to the Company's current
Sunshine Metals acquisition and capital raising. Their services can
be accessed via their website www.psl.com.au/
8. After 25 October 2018, Metminco's UK depositary facility will
be terminated, and the balance of the UK DI holdings will be
automatically removed to Link, the Australian Registry.
9. Link will then contact the registered holders of the
automatically removed shares, being the nominees, to notify of
their holdings' details, information of other Link services and the
Link contact details to resolve any issues. Shareholders are
strongly encouraged to read the further important details set out
below in the "What is happening" section.
What is happening?
Currently, UK shareholders hold their Metminco shareholdings, as
Depositary Interests ("DI"), which are managed by CPU UK.
Individuals do not hold the DIs directly, rather they are
beneficially held for the underlying shareholder by a nominee,
typically the beneficial holders' CREST Participant Broker ('CREST
Broker"). To register the shareholding in Australia:
1. The process of removal requires the CREST Broker to contact
their underlying beneficial shareholders to make individual CREST
withdrawals into the name of the beneficial owner.
2. After processing in the UK and advising Computershare
Investor Services Pty Limited ("CPU AU") in Australia, an SRN is
created on the Australian register in the underlying holders' name
which is then managed by Link. The DI is converted to Metminco
shares on a 1:1 basis.
3. There is a time limit for this to be done voluntarily by the
nominee and the underlying beneficial shareholder, being 25 October
2018.
4. After 25 October 2018, CPU UK will make a withdrawal of the
balance of the DIs with each CREST Broker and assign to each CREST
Broker a single SRN in the name of the CREST Broker to be
registered on the Australian share register.
5. Once this occurs, to divest stock to the beneficial owners
from the CREST Broker, it will require the lodgement of an
off-market transfer form, signed by both parties (CREST Broker
& beneficial owner) and lodged with the Australian registrar,
Link.
This process is more onerous on the CREST Broker and the
shareholder than the voluntary transfer as it will require further
verification documentation and associated fees for Link to process.
It will also delay the shareholder access to the ASX market. The
details of this information can be obtained on
Registrars@linkmarketservices.com.au
6. Therefore, the focus is to ensure that the underlying
beneficial shareholders have either been contacted by, or contact,
their CREST Broker through which their Metminco shares are held to
ensure that they are clearly aware of the critical process and time
elements regarding the options available to them to transfer their
Metminco holdings to the Australian share registry and facilitate
trading on the ASX.
7. CPU UK is providing follow-up communications to the nominees
stressing the importance of them contacting the beneficial DI
Holders, so they are aware of these critical dates over the course
of the next week.
8. Link is working with CPU UK and CPU AU to ensure a smooth
transfer of holdings to the Australian share register once they
have received the advice from the UK shareholder and notification
to UK shareholders.
What you need to do?
1. UK shareholders with DI holdings should have received
information regarding the transfer of holding from the DI Holder
(CREST Broker) and its Nominee after the 19(th) September. If not,
they should immediately contact their CREST Broker to ask for the
information about converting their beneficial interests into shares
registered on the Metminco Share registry in Australia.
2. UK shareholders should instruct their CREST Broker of their
requirements to convert their DI into shares by 25(th) October
2018. Thereafter there is a more complicated and costly process
effect the transfer. If UK shareholders wish to trade on ASX prior
to the Cancellation on AIM they are encouraged to act without
delay
3. If UK shareholders then wish to trade their Metminco shares
on ASX, they should follow the instructions regarding their options
to do so as set out earlier in this announcement.
4. If UK shareholders have any questions about the process they should contact CPU UK on www.computershare.com/uk or telephone +44 (0) 370 702 0003
5. If you have queries about Australian registry services in Australia, use Registrars@linkmarketservices.com.au or call in Australia +61 1300 554 474
For further enquiries contact:
Kevin Wilson
Executive Chairman Metminco Limited;
kwilson@metminco.com.au
+61 409 942 355
For further information, please
contact:
METMINCO LIMITED
www.metminco.com.au
Kevin Wilson Mobile: +61 (0) 409 942
355
NOMINATED ADVISOR AND BROKER
RFC Ambrian
www.rfcambrian.com
Australia
Andrew Thomson/Alena Broesder Office: +61 (0) 8 9480 2500
United Kingdom- Charlie Cryer Office: +44 (0) 20 3440
6800
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Nick Hennis Office: + 44 (0) 20 3757
4997
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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