Astra Resources

Astra Resources Review

Reviews: 1


Total views: 4061

Published: 01 September 2018

Posted by: Anonymously

This was on the GXG website. Can you print it? It says ‘publication of the decision’ at the bottom. I just wrote the last reply. Dave’s my name and my email address is (email address removed by admin) My mate has shares and 5 other friends of his, sadly. Dave GXG Markets A/S : Astra Resources plc delisted from GXG Markets The Disciplinary Committee of GXG Markets today decided to terminate Astra Resources plc from GXG Main Quote. The delisting will be effective from Friday the 6th of June 2014. The Issue The Company is listed on the GXG Main Quote Market. The Company is currently under suspension for supplying inaccurate information that was required as a condition to move up from the GXG First Quote to the GXG Main Quote market and has previously been suspended for corporate governance failings in relation to filing accurate information to Companies House (UK) in a timely fashion. As part of the admission process to be listed on the GXG Main Quote market the Company was, on the 3rd of March 2014, asked to provide confirmation that share certificates had been delivered to each shareholder in the Company for the number of shares listed in the share register, and where shares have been dematerialized, that the shares had been delivered to the shareholders in electronic format to a specified nominee account. On the 3rd of March 2014 the Company responded and confirmed that each shareholder had been provided their individual share certificate. On the 20th of March 2014 GXG Markets were informed by the Company’s registrar that the Company had not dispatched share certificates to shareholders and that since the beginning of 2013 any share certificates issued by the Company’s registrar were held by the Company, and that the shareholder in relation thereto only had been sent a copy of the original share certificate. As a consequence, the Company was suspended on 10th of April 2014. On the 14th of April 2014, having received further information from the Company, its advisory and its registrar, the Company was notified that the matter was being passed to GXG’s Disciplinary Committee. GXG Disciplinary Committee’s decision The Disciplinary Committee finds that Astra Resources plc have failed to be transparent in its communications with the market, as to the circumstances surrounding the issuance of shares to their shareholders. In addition thereto, and as a consequence of the procedures adopted by the Company, the trading in the Issuing Company’s securities is not conducted in an orderly manner, in violation of Rule 22.1, c. The Disciplinary Committee finds that the foregoing, together with the failure to act in accordance with the corporate compliance rules pertaining to the submission of necessary reporting to the Companies House, has led to that the actions of the Company ultimately jeopardises the integrity and reputation of the market, pursuant to Rule 22.1, e. The Disciplinary Committee finds that the repeated breaches against the reporting requirements, including the information requirements in chapter 15 of the Market Rules, and the failure to ensure that its shareholders are provided with share certificates, whether physical or electronic, must be considered as significant, and a severe breach of the rules set by GXG Markets. In the light of the foregoing, the Disciplinary Committee finds that the Company currently has not adopted the appropriate procedures and the appropriate organization necessary to ensure compliance with the GXG Market rules, and that the Company hence does not meet the requirements for admission to trading on the GXG Markets. Sanctions The Disciplinary Committee find the following sanctions, under the Rules of the Main Quote market, to: Terminate and delist Astra Resources plc from the GXG Main Quote effective from the 6th of June 2014 (pursuant to Rule 23.1, d.), and a Publication of its decision to impose a sanction against Astra Resources plc, detailing the content of the breach (pursuant to Rule 23, 1, e).

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