For BVI-registered Sable Mining Africa Limited, trading on AIM London Stock Exchange for ordinary shares of no par value has been temporarily suspended from September 14, pursuant to AIM Rule 1. The company announced that some factors including political instability, depressed bulk commodities market, as well as unsubstantiated allegations and press speculations have caused harm to its long-term prospects in mineral exploration and development.The main factors to seek the cancellation include the considerable cost, management time and legal and regulatory burden associated with maintaining company’s admission to trading on AIM; also, continuing admission to AIM trading do not sufficiently provide the company with the benefits associated with public listings including access to capital.
Sable Mining is planning to seek shareholders’ approval to cancel admission of its ordinary shares to AIM trading from 17 October 2016, as according to the AIM rules, the cancellation must be approved by not less than 75% of shareholders’ votes. Upon the cancellation, the BVI
company will consider putting in place a Matched Bargain Facility to assist shareholders to trade in the Ordinary shares.
As a result of the cancellation and changes in the company strategy, the current director of the company Jim Cochrane has stepped down from the Board of Directors with immediate effect.