Part IV Delisting
The Exchange may remove an issuer from its Official List (without the agreement of the issuer) if:—(1) the issuer is unable or unwilling to comply with, or contravenes, a listing rule;(2) in the opinion of the Exchange, it is necessary or expedient in the interest of maintaining a fair, orderly and transparent market;(3) in the opinion of the Exchange, it is appropriate to do so;(4) the issuer has no listed securities; or(5) in relation to an issuer listed as a SPAC, any of the circumstances set out under Rules 210(11)(o) and (p) occurs.
Amended on 3 September 2021.
The Exchange may agree to an application by an issuer to delist from the Exchange if:—(1) the issuer convenes a general meeting to obtain shareholder approval for the delisting; and(2) the resolution to delist the issuer has been approved by a majority of at least 75% of the total number of issued shares excluding treasury shares and subsidiary holdings held by the shareholders present and voting, on a poll, either in person or by proxy at the meeting. The Offeror Concert Party Group must abstain from voting on the resolution.
1308(1) Rules 1307 and 1309 do not apply to a delisting pursuant to:—(a) a voluntary liquidation;(b) an offer under the Takeover Code provided that the offeror is exercising its right of compulsory acquisition; or(c) in relation to an issuer listed as a SPAC, any of the circumstances set out under Rules 210(11)(o) and (p).(2) Rule 1307 does not apply to a delisting pursuant to a scheme of arrangement.
If an issuer is seeking to delist from the Exchange:—(1) an exit offer must be made to the issuer's shareholders and holders of any other classes of listed securities to be delisted. The exit offer must:(a) be fair and reasonable; and(b) include a cash alternative as the default alternative; and(2) the issuer must appoint an independent financial adviser to advise on the exit offer and the independent financial adviser must opine that the exit offer is fair and reasonable.