Albidon Limited, a British Virgin Islands-registered nickel exploration and development company, which was listed on London’s Alternative Investment Market and Australian Stock Exchange, informed that it has been advised by AIM about the cancellation of its AIM listing.
AIM stock exchange enforced the cancellation on 16 November 2009, under AIM rule which states a company can remain suspended on AIM for a period of six months. The BVI company was not able to relist within this period, because the time was needed to work over the settlements under the Deed of Company Arrangement (DOCA) and to complete the audit of financial statements. The terms of the Deed of Company Arrangement, which was approved by BVI company creditors on June 18, 2009, included Albidon’s largest shareholder Jinchuan Group Limited providing funds to the company sufficient to meet creditor claims.
Albidon requested AIM to extend the 6 month period to have the time for completing requirements for relisting, but the extension was refused. The BVI company will not apply for relisting on the AIM in the near future because of the high costs and very low trading activity.
No major shareholders of Albidon Limited and less than 9% of all shareholders are listed on the AIM. AIM-listed shareholders will be assisted to transfer their holdings to the ASX. The BVI company will seek relisting on the Australian Stock Exchange early in 2010, upon the completion of the audit and other listing requirements.