Kimberley Diamonds Receives Delisting Approval From Sydney Exchange

(IDEX Online) – Australia's Kimberley Diamonds Ltd (KDL) has received approval from the Australian Securities Exchange (ASX) to delist its shares.

The delisting will take place on a date to be decided by ASX in consultation with Kimberley Diamonds after being approved by ordinary resolution of ordinary security holders of the KDL, along with other conditions ordered by the ASX.

KDL previously said it wants to delist because its shares are trading at a price which is materially lower than the underlying value of the company’s assets based on independent valuation, the low liquidity in KDL shares, the lack of interest in KDL shares in the Australian market, the firm's directors believe that further fundraising, including any required restructuring of existing loans, is more likely to be successful if the company is delisted.

The delisting will provide significant cost savings, and it will mean the firm is more likely to obtain necessary funding.