Provides Update on Open Offer
TORONTO, March 1, 2012 /CNW/ - The Board of Directors of Noventa Limited (AIM: NVTA) (TSX: NTA) (PLUS: NV) ("Noventa" or the "Company"), a supplier of the strategic metal tantalum, has today announced that the Company has applied for the voluntary delisting of its ordinary shares from the Toronto Stock Exchange ("TSX"). It is expected that the ordinary shares will be delisted from the TSX at the close of trading on or about Thursday, 8 March 2012.
Noventa's ordinary shares are currently listed for trading on the TSX, AIM and PLUS. Following the delisting from the TSX, the Company's ordinary shares will continue to trade on AIM and PLUS.
After due and careful consideration, the decision to delist from the TSX was taken due to:
- the limited trading volume of Noventa's ordinary shares on the TSX since its listing in December 2010, compared to the trading activity on AIM;
- the low level of Noventa share ownership in Canada; and
- the compliance costs and administrative responsibilities of the Company in maintaining the listing on the TSX, in addition to the listing on AIM, being no longer justifiable.
Implications of the delisting for shareholders on the Canadian branch register only
Prior to the closing of the Canadian branch register (the "Canadian register"), shareholders and/or CDS participants currently on the Canadian branch register can request to have their shareholdings transferred to the United Kingdom main register (the "UK register") by instructing their broker to initiate the transfer.
If a shareholder on the Canadian register does not activate a move to the UK register by Wednesday, 14 March 2012, their Canadian share positions will be automatically cancelled and moved to an issuer sponsored holding on the UK register. Shareholders whose shareholding is moved to an UK issuer sponsored holding will be sent an issuer sponsored holding statement, either through their broker or directly.
Shareholders on the Canadian register are encouraged to contact the Company's Canadian registrar, Computershare Investor Services Inc., for information on 1-800-564-6253 (toll free within North America) or 1-514-982-7555.
Open Offer Update
The Board expects that the Open Offer to shareholders (referred to in the announcement of 19 August 2011) will be launched by late March 2012 and a further announcement will be made once everything is finalised.
Noventa's strategy is to be the world's largest, low cost industrial scale supplier of tantalum concentrate, a rare specialty metal widely used in the consumer electronics industry. There is currently a shortage of tantalum supply and stock levels in the industry are being run down. With operating mines in Mozambique, Noventa is in a unique position to expand production to meet the industries needs. More information can be found at www.noventa.net
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained or incorporated by reference in this release, including any information as to the Noventa's strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, constitutes "forward-looking statements" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements can often, but not always, be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words; or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.
Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Noventa as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are also cautioned that forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Noventa to differ materially from those expressed or implied in the forward-looking statements. Certain of these risks and uncertainties are described in more detail in Noventa's Annual Information Form dated July 19, 2011, which is available on SEDAR at www.sedar.com.
Although Noventa has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Noventa disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.
For further information:
+258 84 3456340
Rick Thompson/Phil Davies
Religare Capital Markets (UK) Ltd. (Nominated Adviser)
+44 20 7444 0800
James Wood/Tim David
Religare Capital Markets plc (Broker)
+44 20 7444 0800
416 815 0700 ext. 243 or email@example.com