Forte Energy NL

February 26, 2015 02:00 ET

Application for Removal from ASX Official List

                                                                                                       Forte Energy NL
                                                                                                    ABN 59 009 087 852
                                                                                                      ASX Announcement
                                                                                                      26 February 2015

Application for Removal of Forte from the Official List of the ASX

Forte Energy NL ("Forte" or "the Company") (ASX/AIM: FTE) has applied to the ASX for the removal of the Company from the
official list of the ASX ("Official List") under ASX Listing Rule 17.11.

Forte  is currently listed on two securities exchanges - the Official List and the Alternative Investment Market ("AIM")
segment of the London Stock Exchange.

Following  due  consideration and in an effort to streamline listing and compliance costs, the Directors of  Forte  have
determined  that  the continued listing of the Company on the Official List is no longer in the best  interests  of  the
Company and its shareholders.  Factors the Directors have considered include the following:

    *   AIM, for sometime, has been the more dominant exchange for Forte to the point where now approximately 80% of
        Forte's listed securities are held on AIM;
    *   Since 2009, Forte has only raised a small portion of its equity funding in Australia;
    *   For  the past 12 months, more than 97% of the trading in Forte shares has occurred on AIM. The low  trading
        volume and liquidity of Forte shares on the Official List is such that any significant trading leads to 
        increased daily volatility on the Official List.  This volatility may prevent investors from making an accurate
        assessment of the actual value of the Company; and
    *   the  costs  of  the Company remaining listed on the Official List against the benefits of maintaining  that

Forte has obtained in-principle advice from ASX in relation to ASX's position regarding the request by the Company to be
removed  from the Official List.  ASX has advised Forte that ASX would be likely to remove the Company from the Official
List on a date to be decided by ASX, subject to compliance with the following conditions:

    *   Forte  sending a notice in form and substance satisfactory to ASX ("Notice") to all security holders  whose
        securities are held on the Company's Australian register ("Australian Shareholders") detailing the following:
       o  the nominated time and date at which the entity will be removed from the Official List ("Nominated Time");
       o  Australian Shareholders who wish to sell their securities on ASX will need to do so before the Nominated Time;
       o  Australian Shareholders who do not sell their securities on ASX before the Nominated Time will only be able to
          sell them on-market on AIM; and
       o  generally what Australian Shareholders will need to do to sell their securities on AIM.
    *     The removal not taking place any earlier than one month after the date on which the Notice has been sent to
          all Australian Shareholders.
    *     Forte releasing to the market the full terms of ASX's decision in respect to its formal application  to  be
          removed from the Official List.
Forte  will  comply with the above conditions and is proposing to send the Notice to all Australian Shareholders  on  or
around Friday, 6 March 2015.

Forte  will  seek to maintain its listing on ASX for approximately six weeks after the Notice is sent to all  Australian
Shareholders.   On the condition that the Notice is sent to all Australian Shareholders on Friday, 6 March  2015,  Forte
has requested the Nominated Time for Forte's removal from the Official List be 4:00pm (AEST) on Friday, 17 April 2015.

Prior to the Nominated Time, trading in Forte shares will continue on an uninterrupted basis on the ASX.

Following Forte's removal from the Official List:

    *   Australian Shareholders will have their Issuer Sponsored and CHESS holdings converted to certificated holdings
        on the Australian register (which will continue to be maintained on Forte's behalf by Computershare Investor 
        Services Pty Limited).  This process will occur automatically and no action will be required by an Australian 
        Shareholder. Australian Shareholders will then be issued with a share certificate representing their holding 
        (This share certificate should be kept in a safe place as it is evidence of the shareholding); and
    *   in  order to trade Forte securities on AIM, Australian Shareholders will need to convert their certificated
        Forte shares into "depository interests" to facilitate trading via CREST.  CREST is a UK computerised paperless 
        share transfer and settlement system which allows shares and other securities to be held in electronic rather 
        than paper form and transferred otherwise than by written instrument.  CREST is a voluntary system and those 
        who wish to continue to hold their Forte shares in certificated form, on the Australian register, will be able 
        to do so (although this will preclude the holder from being able to trade those Forte shares on AIM).
Forte's  UK  share  registry,  Computershare Investor Services PLC ("Computershare UK"), holds  and  issues  "depository
interests" in respect of, and representing, on a one-for-one basis, Forte shares ("Forte DIs").

Holders of Forte DIs will have the same rights as holders of Forte shares, including but not limited to, the right to:

    *    receive notices of meetings and other notices issued by Forte;
    *    exercise the voting rights attached to the underlying Forte shares; and
    *    receive any dividends paid by Forte from time to time with Forte shareholders.
The  Forte DIs will be independent securities and will be held on a Depositary register maintained by Computershare  UK.
The  Forte  DIs  will have the same security code and international securities identification number as  the  underlying
Forte shares which they represent and will not require a separate admission to trading on AIM.

Australian  Shareholders wishing to hold their Forte DIs in CREST or trade Forte DIs on AIM will  be  required  to  wait
until  they  have received their certificate for their Forte shares and engage the service of a broker who  is  able  to
accept  the  Depositary Interests into the CREST, and then proceed to convert those certificated Forte shares  to  Forte

To  assist  Australian Shareholders who may want to trade Forte DIs on AIM following Forte's removal from  the  Official
List,  Forte has entered into an agreement with Euroz Limited which has agreed to facilitate trading in Forte DIs for  a
period  of three months following Forte's removal from the Official List.  Australian Shareholders can contact Christian
Zerovich at Euroz Limited on (08) 9488 1436.

Alternatively, Australian Shareholders can contact an authorised UK stockbroker and establish an account with them or an
Australian stockbroker who has an existing account with UK stockbrokers that they can utilise for the purpose of trading
in  AIM securities (such as Forte DIs) by their clients.  Upon request, Forte can provide contact details for such UK or
Australian stockbrokers who can facilitate trading of Forte DIs on AIM.

Australian  Shareholders who have any questions in relation to CREST or Forte DIs should contact Computershare  Investor
Services Pty Limited (Forte's Australian share registry) on +61 (03) 9415 4000 (from outside Australia) or 1300 850  505
(from within Australia).

For further information contact:

Mark Reilly, Managing Director
Forte Energy NL                          Tel: +61 (0) 8 9322 4071

Oliver Morse / Sarah Nader
RFC Ambrian Ltd                          Tel: +61 (0) 8 9480 2500
(AIM Nominated Adviser to the Company)

Forte Energy NL

Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
Ph: +61 (0)8 9322 4071
Fax: +61 (0)8 9322 4073

Contact Information

  • Forte Energy NL