Barloworld Limited to cancel its listing in the UKSource: RNS
(Incorporated in the Republic of South Africa)
(Registration number: 1918/000095/06)
(JSE share code: BAW)
(LSE share code: BWO)
(Namibian Stock Exchange share code: BWL)
(Bond issuer code: BIBAW)
(Barloworld or the Company or the Group)
Barloworld Limited to cancel its listing in the United Kingdom
Barloworld Limited ("Barloworld" or the "Company") today announces that it has made an application to the Financial Conduct Authority ("FCA") for the cancellation of its current listing of its ordinary shares of 0.05R ("Shares") on the Standard Segment of the Official List and an application to the London Stock Exchange plc ("London Stock Exchange") to cancel the admission to trading on the Main Market (together, the "Cancellation"), following a determination by the directors of the Company that, pursuant to various business transactions including an unbundling in 2008 and the subsequent disposal of assets and businesses in Europe, there was no visible benefit in maintaining the secondary listing on the London Stock Exchange.
The Ordinary Shares have been listed on the London Stock Exchange since 7 March 1969. Currently, shareholders holding approximately 0.14% of the total issued share capital of the Company appear on the Company's UK branch register of members. As a consequence, the Company's conclusion that the London listing be cancelled, is supported by the limited trading and liquidity of the Shares on the London Stock Exchange (meaning that limited benefit is brought by the listing).
The Company currently has its primary listing on the Johannesburg Stock Exchange and maintains another secondary listing on the Namibian Stock Exchange. Following the Cancellation, the Shares will continue to trade on both of these exchanges which should provide shareholders with liquidity and places sufficient corporate governance requirements upon the Company. In order for shareholders on the Company's UK register of members to trade on these exchanges, they will need to first transfer their shareholding back to South Africa and should contact Equiniti (the Company's UK registrar) on the contact details below.
Pursuant to Listing Rule 5.2.8, the Company announces that the cancellation notice period has now commenced and cancellation is expected to take effect at 8.00 a.m. on Friday, 1 October 2021.
Barloworld is positioned as an industrial processing, distribution, and services company with two primary areas of focus: Industrial Equipment and Services and Consumer Industries (food and ingredient solutions), with our remaining interests in the rapidly changing Automotive world, focused on car rental and leasing activities. Our provision of Industrial Equipment and related services, offers earthmoving equipment, industrial services, and power systems, which enable the operation and maintenance of a large array of mining, construction, and power solutions for our customers, with whom we have built enduring relationships based on mutual trust. Through our Consumer Industries business, Ingrain, we provide large enterprises with the ingredients essential to the manufacturing of a range of products including food and beverages, paper, pharmaceuticals, building materials and adhesives, amongst others
Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to the potential that exists in the Automotive sector and the regulatory and associated costs which may be saved as a result on the Cancellation. When used in this document, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to the potential that exists in the Automotive sector and associated costs which may be saved as a result on the Cancellation.
No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by the Listing Rules and applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.
UK callers: 0371 384 2199
International callers: +44 (0)121 415 7047
Equiniti, Branch Register transfers, Aspect House, Spencer Road, Lancing West Sussex BN99 6DA