Cardno Limited to Voluntarily Delist from ASX by January 17, 2025
CDD (CDD) Share Update January 2025 Monday 13th
Cardno Limited Announces Voluntary Delisting from ASX
Cardno Limited, a prominent infrastructure and environmental services company, has announced its decision to voluntarily delist from the Australian Securities Exchange (ASX) effective January 17, 2025, following shareholder approval.
Instant Summary:
- Cardno to delist from ASX on January 17, 2025.
- Share trading on ASX suspended from close of trading today.
- Company remains an 'unlisted disclosing entity' with continuous disclosure obligations.
Delisting Details
Cardno Limited (ASX:CDD) has announced its voluntary delisting from the Australian Securities Exchange (ASX), set to take effect on January 17, 2025. This decision follows the approval of a special resolution at the company's Annual General Meeting on November 27, 2024. As part of the delisting process, trading in Cardno shares on the ASX will be suspended from the close of trading today.
Despite the delisting, Cardno will continue to operate as an 'unlisted disclosing entity' under the Corporations Act 2001. This status mandates the company to maintain continuous disclosure of any information that could materially affect its share price or value. Cardno has committed to fulfilling these obligations by promptly posting relevant information on its website, adhering to the guidelines outlined in ASIC Regulatory Guide 198.
Implications for Shareholders
For shareholders, the delisting means that Cardno shares will no longer be traded on the ASX. However, the company assures its stakeholders that it will continue to provide transparent and timely updates on its operations and financial performance. This approach aims to ensure that shareholders remain informed about the company's activities and any developments that could impact their investments.
The voluntary delisting of Cardno Limited from the ASX is a significant move that may have mixed implications for its stock and the broader market. On one hand, the delisting could reduce liquidity and make it more challenging for investors to buy or sell shares. On the other hand, the company’s commitment to continuous disclosure might help maintain investor confidence and mitigate some of the potential downsides of being unlisted.
Investor Reaction:
Analysts are likely to have varied reactions to Cardno's delisting decision. Some may view it as a strategic move to streamline operations and reduce regulatory burdens, while others might express concerns about reduced market visibility and liquidity. Overall, investor sentiment will depend on how effectively Cardno communicates its ongoing business strategies and performance post-delisting.
Conclusion:
As Cardno Limited prepares to transition from a publicly traded entity on the ASX to an unlisted disclosing entity, investors should stay informed about the company's strategic directions and operational updates. Monitoring Cardno's disclosures and performance will be crucial for shareholders to make informed decisions about their investments.