Firestone Diamonds plc (LSE:FDI) announced that it is in the process of delisting from the Botswana Stock Exchange. The company’s final day of trading on the exchange will be February 28, 2014.
As quoted in the press release:
Since listing on the venture capital board of the BSE in June 2011, less than 0.02% of the Company’s ordinary shares of 1 pence each (‘Ordinary Shares’) have moved onto the BSE and, since then, trading on the BSE has been negligible, with 92,828 Ordinary Shares having traded on nine days in 35 separate trades. In the six months prior to the annual general meeting, held on 29 November, 2013, in which the resolution to voluntarily delist from the BSE was proposed, only 1,107 Ordinary Shares have traded, on a single day, at a weighted average value of 0.60 Pula (approximately 4 pence) per Ordinary Share.
In light of these circumstances, the Directors formed the view that the administrative costs of maintaining the BSE listing are no longer justifiable and, accordingly, Firestone shareholders voted in favour of a delisting from the BSE at the annual general meeting of the Company, held on 29 November, 2013.