Alterra Limited Suspended from ASX Quotation Effective Immediately
ALTERRA LIMITED (1AG) Share Update July 2024 Wednesday 24th
Alterra Limited Suspended from ASX Quotation
Alterra Limited (ASX: 1AG) has announced that its securities will be suspended from quotation on the Australian Securities Exchange (ASX) effective immediately. This suspension is a precursor to the company’s removal from the official list of ASX Limited.
Instant Summary:
- Alterra Limited's securities suspended from ASX quotation.
- Suspension requested by Alterra Limited under Listing Rule 17.2.
- Shareholders approved the removal from ASX on 28 June 2024.
- Suspension to last for two business days before delisting on 29 July 2024.
Details of the Suspension
On 24 July 2024, Alterra Limited (ASX: 1AG) announced that its securities would be suspended from quotation on the ASX effective immediately. This action was taken under ASX Listing Rule 17.2, at the request of Alterra Limited, to facilitate its removal from the official list of ASX Limited.
The decision to suspend the securities follows a shareholder vote at the General Meeting held on 28 June 2024, where the removal from the ASX was approved. According to the ASX notification received by the company on 29 May 2024, one of the conditions for removal from the official list included the suspension of its securities from quotation for at least two business days before the proposed delisting date of 29 July 2024.
Reason for Suspension
The suspension is expected to last for two business days, during which time Alterra Limited will be removed from the official list of ASX. The company has stated that it is not aware of any reason why the suspension should not be granted and has confirmed that there is no additional information necessary to inform the market about the suspension.
In a letter addressed to Raj Logarajah, Senior Adviser at ASX Limited, Steve Ledger, the Company Secretary of Alterra Limited, reiterated that the suspension is in connection with the company's removal from the official list, as approved by its shareholders.
The suspension and subsequent delisting of Alterra Limited from the ASX could have significant implications for its stockholders. Investors may need to consider alternative markets or platforms for trading their shares. The immediate suspension might cause uncertainty and could potentially lead to a short-term decline in stock value as investors react to the news.
Investor Reaction:
While there have been no specific quotes from investors or analysts at this time, the general sentiment is likely to be one of caution. Investors will be closely monitoring the situation to understand the full implications of the suspension and delisting on their investments.
Conclusion:
Investors should stay informed about the developments related to Alterra Limited's suspension and delisting from the ASX. Monitoring the company's announcements and seeking professional financial advice will be crucial in navigating this transition. Stay tuned for further updates as the situation evolves.