Atalaya Mining LON:ATYM, the AIM-listed, Cyprus-based mining and exploration firm, operating a copper project in Southwestern Spain today (13th March) has pushed back the date for its voluntary delisting from the Toronto Stock Exchange to 20th March 2023.
As previously reported, Atalaya was planning to delist from TSX on 7th March. The company will continue to trade on AIM.
The company said in a statement today: “Shareholder approval is not required for the delisting because the company’s shares trade on AIM, which is an acceptable alternative market in accordance with Section 720(b) of the TSX Company Manual.”
Atalaya produces copper concentrates and silver by-product at its wholly-owned Proyecto Riotinto site in southwest Spain. The company, which was founded in 2004, also has a phased, earn-in agreement to acquire up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain which is at the permitting stage.
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The company’s management, decided to delist from the TSX because over the last 36-months, daily trading activity in Atalaya’s ordinary shares on AIM has increased materially and, in the last twelve months, has accounted for around 99% of the aggregate trading volume on both platforms.
The company’s management decided – given the expense and time taken in the administration of maintaining a listing on the Toronto Stock Exchange that staying in the board was no longer justifiable.
With regards to holders of the Canadian-listed stock, the company said; “Following the delisting from the TSX, Canadian shareholders wishing to trade their shares on AIM will require that such shares are made eligible to be transferred and settled though CREST, the United Kingdom based share transfer and settlement system.”
CREST settlement
The statement continued: “Shares cannot be transferred and settled through CREST until a shareholder’s CDS Participant broker or the shareholder, if the shares are held in certificated form, as applicable, validly instructs Computershare Trust Company of Canada to arrange for the shares to be held by a CREST participant broker.”
Canadian shareholders will have to complete a ‘Register Removal Request’ form with valid CREST participant account details and submit to Computershare electronically. Atalaya will maintain CDS eligibility for its shares until 10th April, 2023 in order to provide Canadian shareholders with time to complete the process.
Atalaya opened trading today at 347.5p today and had fallen to 340p by lunch. The miner has offered a year-to-date return of 3.8%, a one-year return of -14% with its shares ranging between 183p and 417p over a 52-week period.
The company has a market cap of GBP483.9m.
