EnQuest plc plans to delist from Nasdaq Stockholm because of additional compliance costs when it no longer had a legal or physical presence in Sweden.
EUROPEAN UNION
The company depends on external support to ensure compliance with Nasdaq Stockholm, which had created the additional unexpected expense.
The formal application for delisting will be submitted to Nasdaq Stockholm no earlier than three months after today’s notice of the plans to the market.
EnQuest’s shares will remain listed on the London Stock Exchange.
The company’s listing on Nasdaq Stockholm originated from the issue of shares to Swedish resident shareholders in the former Lundin entity acquired in the early years of the company.
While the UK was a member of the European Union the additional compliance requirements relating to EnQuest’s listing on Nasdaq Stockholm were minimal.
“However, following the departure of the UK from the EU, the UK is no longer considered to be EnQuest’s primary EU listing, and has been replaced as such by Nasdaq Stockholm,” added the company.
“This therefore imposes significant additional compliance requirements.”
Ownership of the shares will be unaffected by the delisting and shareholders will maintain their shareholders’ rights.