OAKBAY RESOURCES AND ENERGY LIMITED - Volantary delisting of securities

Release Date: 11/07/2017 16:20
Code(s): ORL
 
Wrap Text
Volantary delisting of securities

Oakbay Resources and Energy Limited
(Incorporated in the Republic of South Africa)
Registration number: 2009/021537/06
Share code: ORL
ISIN: ZAE000196085
("Oakbay Resources" or "the Company")


VOLUNTARY DELISTING OF SECURITIES


General

Shareholders are referred to the SENS announcements made by the Company on 
12 May 2017, 2 June 2017, 13 June 2017; whereby shareholders were informed of 
the resignations of an Independent Non-Executive Director (who was also the Audit 
Committee Chairman), its Sponsor and its Transfer secretaries. 

Shareholders are further referred to the SENS announcements made by the 
Company on 22 June 2017 and 23 June 2017; whereby shareholders were informed 
of the material uncertainty surrounding the Company's future ability to meet its 
obligations in terms of the JSE Listings Requirements as a result of these 
resignations, as well as a subsequent decision made by the JSE to grant the 
Company's request for a voluntary suspension of the listing of its securities under the 
prevailing circumstances. 

Subsequent to these announcements, the Company has approached several JSE 
accredited Sponsors and Transfer Secretaries, but has been unsuccessful in its 
efforts to fill the aforementioned vacancies. Accordingly, Oakbay Resources is of the 
view that it is unlikely that it will be able to fill the vacant positions; which are 
mandatory in terms of the JSE Listings Requirements and the Companies Act (No. 
71 of 2008), on a timely basis.

Shareholders are advised that the JSE has, on 10 July 2017, granted a request 
made by Oakbay Resources for the voluntary delisting of its securities pursuant to 
Section 12(5)(a) of the Financial Markets Act 19, of 2012. This decision by the JSE 
follows a careful consideration by them of all relevant facts and information at their 
disposal, and is based on the Company's inability to comply with the peremptory and 
material provisions of the JSE Listings Requirements, coupled with the fact that 
Oakbay Resources has indicated to the JSE that it is unable to continue to comply 
with these requirements, as a result of the circumstances set out above. 

Salient dates and times in respect of the Delisting

Shareholders are advised of the following important dates in relation to the delisting 
of the Company's securities:


                                          July 2017


Last Day to Trade ("LDT")                 Tuesday 18


Record Date                               Friday 21


Termination date of listing of Oakbay
 shares on the main board of the JSE at 
the commencement of trade on              Monday 24

Notes:

1.  All of the dates and times set out in this announcement are subject to change, with the approval   
    of the JSE, if required. Any change in the dates and times will be published on SENS and in the South 
    African press. 
2.  All times given in this announcement are local times in South Africa.
3.  No dematerialisation or rematerialisation of Oakbay Shares may take place after the LDT 

Johannesburg
11 July 2017

River Group
Sponsors and Corporate Advisors



Date: 11/07/2017 04:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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