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Synergia Energy Ltd on Friday said it has requested to delist from the Australian Securities Exchange, remaining listed solely on London's AIM market.
Synergia says that its trading value on ASX is low and ‘that any significant trading leads to increased daily volatility on the official list’. Further, it notes limited operations in Australia and that it divested its Australian assets in the Cooper Eromanga Basin to Australia-focused Armour Energy Ltd. On top of that, the firm says the continued listing incurs ‘considerable’ corporate and administrative costs which outweigh any benefit.
Synergia Energy shares were up 0.5% to 0.096 pence in London on Friday morning, while plummeting 50% on the Australian Securities Exchange to A$0.001.
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