On June 5, 2020 Caledonia Mining Corporation Plc (“Caledonia”) announced that it had applied for a voluntary delisting from the Toronto Stock Exchange (the “TSX”) effective as of the closing of trading on June 19, 2020.
Following the delisting, Caledonia’s shares continue to be listed and trade on NYSE American LLC (“NYSE American”) under the symbol “CMCL”. Depositary interests representing shares also continue to trade on AIM of the London Stock Exchange plc (“AIM”) under the symbol “CMCL”. Since the Company’s shares were listed on the NYSE American in 2017, trading on that market has become increasingly dominant, and it now provides the most liquid market for Caledonia’s shares. Accordingly, the Company believes that the financial and administrative costs associated with maintaining its listing on the TSX are no longer justified.
Further information on the delisting is set out below.
VOLUNTARY DELISTING FROM THE TSX
What does voluntary delisting from the TSX mean?
Caledonia applied to the TSX to voluntarily delist its shares from the TSX, which became effective on June 19, 2020. Upon the effective date of delisting, the Company’s shares are no longer traded on this exchange. Caledonia’s shares still trade on both the NYSE American under the symbol “CMCL” and on AIM under the same symbol, settling in the form of depositary interests.
Why has Caledonia made the decision to voluntary delist?
Caledonia believes the limited trading volume of its shares on the TSX no longer justifies the expense and administrative complexity of maintaining the listing. Caledonia’s primary market for its shares in terms of liquidity has, for some time now, been NYSE American.
If I hold Caledonia shares that were traded on the TSX, what do I have to do?
Caledonia’s shares which were listed on the TSX are the same shares as those listed on the NYSE American, where settlement occurs through DTC, and so you may trade the shares there (however, see What if my broker cannot trade on the NYSE American? below). Please liaise with your broker or custodian for assistance with trading your shares. You may also have your broker contact Caledonia’s share registrar, at Computershare Investor Services Inc., to request an issuance of depositary interests in order that you may settle trades placed on AIM. The contact details are:
National Customer Contact Centre
Once the stock is delisted from the TSX will I retain the same number of shares?
Yes, you will retain the same number of shares.
Does the delisting impact the trading of Caledonia’s common shares on the NYSE American or on AIM?
No, Caledonia’s shares continue to be listed and traded on the NYSE American under the symbol “CMCL” and on AIM under the same symbol, where settlement is in the form of depositary interests.
How do I buy or sell shares of Caledonia?
Caledonia’s shares can be purchased and sold on the NYSE American and on AIM. We understand that most brokers in Canada maintain ready access to the NYSE American. Shares remained tradable on the TSX until the date of delisting, being June 19, 2020.
What if my broker cannot trade on the NYSE American or on AIM?
We understand that most brokers in Canada have the ability to buy and sell securities listed on the NYSE American and many international brokers will also have access to trading on AIM. If your broker is unable to trade your shares on either the NYSE American or on AIM though, you will need to open an account at a broker that is able to trade on NYSE American or AIM. Shares remained tradable on the TSX until the date of delisting, being June, 19 2020.
I purchased the shares in Canadian dollars. Will my shares be valued in US dollars after the delisting?
Shares trade on the NYSE American in US dollars and, if your account trades in a Canadian trading account, we expect that the value of your shares will be converted into Canadian dollars. See If I hold Caledonia shares that were traded on the TSX, what do I have to do? above if you wish to trade in Sterling through depositary interests on AIM. Please contact your broker or custodian in relation to any queries you may have regarding your trading account.