Sundance Resources (ASX: SDL) is pleased to advise that the ASX has extended the company’s delisting date to 8 March 2021.
This extension is an important step in Sundance’s efforts to complete a restructure of its affairs, including completion of a debt-for-equity deal with its Noteholders, to enable its shares to be relisted on the ASX.
In the coming weeks Sundance expects to release a Notice of Meeting to shareholders to invite them to vote at an Extraordinary General Meeting in early 2021 on the Noteholder Agreement, which will eliminate Sundance’s debt in return for equity and a production royalty to the Noteholders.
Sundance had formally applied to the ASX for an extension of its delisting date so that the Company could complete the agreement with Noteholders, eliminate its debt and satisfy any other conditions the ASX may consider appropriate before lifting the suspension and reinstating Sundance shares to quotation.
As announced on 12 November 2020, Sundance was in discussions with the ASX regarding an extension of the 7 December 2020 delisting date.
Sundance was notified by the ASX on 4 December 2020 that the ASX had granted the Company an extension of the delisting deadline to 8 March 2021, by when Sundance needs to demonstrate compliance with Chapter 12 (On-Going Requirements) of the Listing Rules to the satisfaction of the ASX.
Sundance will continue to work with the ASX to satisfy the Listing Rules requirements and seek reinstatement of the Company’s securities as soon as possible.
This release has been authorised by the Board of Sundance.