Argent BioPharma Ltd (LSE:MXC, OTC:RGTLF, ASX:RGT) has voluntarily decided to delist its shares from the ASX.
The decision — now approved by the ASX — follows a detailed review, after which the board of directors unanimously determined that the ASX delisting is in the best interests of shareholders. Argent willl maintain its listing on London’s LSE.
The company outlined the following reasons for the decision:
- Lack of Liquidity - Recent trading history shows notably low volume trading in the company’s shares on ASX and the company believes this is unlikely to change in the foreseeable future.
- Fundraising difficulties - The company requires funding to meet ongoing operational and working requirements. However, Australian institutional and retail investor interest in the company is low and remains low despite efforts by the company to attract investors in Australia. The company has experienced significant fundraising difficulty in Australia and has not benefited from being an ASX-listed entity in this sense. The company’s most recent capital raising in July 2024 was supported by investors from the UK and US. The company did not receive applications for shares from new or existing Australian shareholders.
- LSE listed - The company was admitted to trading on LSE on February 9, 2021. The board considers that the company’s LSE listing is more beneficial to the company due to the composition of its investor base. The LSE listing is considered the company’s primary listing and for the reasons set out above, the board considers that the company no longer requires a second listing on the ASX.
Argent intends to allow at least four weeks for normal trading between announcement and delisting to allow shareholders to sell their shares if they wish, following which they will be able to sell their shares on the LSE.