NuCoal Resources (ASX:NCR) is delisting from the Australian Securities Exchange (ASX) and is planning to list on the National Stock Exchange of Australia (ASX:NSX).
On 20 February 2025, the company received approval for admission to the official list of the NSX, subject to conditions which include delisting arrangements with the ASX being completed and keeping the market informed.
The NSX, which is listed on the ASX and has a market capitalisation of just over $9 million, has over 45 listed securities with a combined market capitalisation of $2.7 billion.
The bourse has less strict requirements for companies to list, including only requiring a minimum spread of 50 shareholders holding at least $2,000 of the listed entity versus the ASX’s required 300 shareholders with the same holding value.
The NSX also allows a minimum market capitalisation of $500,000 compared to the ASX’s requirement of either $4 million in net tangible assets or a $15 million market capitalisation on listing.
NuCoal is also required to adopt an NSX-compliant constitution at the next general meeting held.
All NSX conditions have been agreed to by NuCoal and the company declares it has disclosed all material matters to the market.
As a result, the company will proceed with a formal delisting application to the ASX and will fulfill conditions of the NSX listing approval.
The company expects to delist on the ASX on 28 February and begin trading on the NSX on 3 March 2025. These dates are yet to be confirmed.
NuCoal’s shares are currently suspended from trading on the ASX and will remain suspended during the delisting process.
NuCoal Resources is focused on developing unrealised coal and mineral assets owned by privately held Dellworth — which holds the Savoy Hill tenement adjacent to mining operations owned by Glencore (LON:GLEN).
Write to Aaliyah Rogan at Mining.com.au
Images: NuCoal Resources
