Bannerman said the move is due to several factors, including the limited trading volume of its shares on the TSX over a sustained period of time, and the move will also provide regulatory and other cost savings.
Over a 12 month period to the end of March 2016, 90% of securities traded occurred on the ASX. While, about 3.5% of Bannerman's shares are held on the Canadian register.
Subject to the application being accepted, it is expected that the company's securities will be de-listed and therefore no longer traded on the TSX after close of trading on Wednesday 11 May 2016.
The de-listing date will be announced following confirmation from the TSX.
No change will occur to the quotation and trading of Bannerman shares on the Australian Securities Exchange or the Namibian Stock Exchange.
Bannerman is focussed on it uranium interests in Namibia, which includes the wholly-owned Etango project.
Etango is one of the world's largest undeveloped uranium deposits.
Implications for holders on the Canadian register
In order to trade their securities on the ASX, Canadian beneficial holders will need to have their holdings transferred to the Australian share register.
Bannerman said that after the proposed de-listing date of 11 May 2016 and until a transfer to the Australian register is effected, shareholders on the Canadian register and beneficial shareholders holding their securities through a CDS participant/broker will not be able to trade their shares on the ASX and their holdings will remain on the Canadian share register.
Securities held on the Canadian register which have not been transferred by 10 June 2016 will automatically be transferred to an Issuer Sponsored Holding on the Australian share register.
Once this occurs, these shareholders will be able to sell their shares on ASX by quoting their Shareholder Reference Number (SRN) to their broker.
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