Feb 2012 Financial News

SVL to delist from TTSE

Feb 03, 2012

Gaming and lottery company Supreme Ventures Limited (SVL) has opted to delist from the Trinidad and Tobago Stock Exchange (TTSE), citing low trading volumes.

SVL advised in a January 3 letter to TTSE that it would delist at the earliest date possible, saying the low level of trading does not justify the J$6 million annual cost associated with maintaining the listing.

The share price has fallen in Port-of-Spain from the listed price of TT$0.28 per share in 2008 to TT$0.18 at last trading date on January 13.

The plan to delist "came as a part of the board review of the company's efficiency measures and strategies, when we looked at the number of shareholders and percentage shareholding and that it would not put shareholders in a negative position, we saw no basis for maintaining it," SVL President Brian George told the Financial Gleaner.

"Effectively, there is not a downside to shareholders given the fact that there is a good trading relationship with brokers in Jamaica," he said.

SVL filed for cross-listing of its shares on the TTSE three years ago in September 2008. The listing was a follow through on a commitment made when the company had its IPO in January 2006.

SVL met with shareholders in Trinidad at the Hyatt Regency hotel on Thursday to vote on the delisting.

Shareholders may either withdraw shares from the Trinidad and Tobago Central Securities Depository and request a physical stock certificate in their name or arrange for the stock units to be transferred to the Jamaica Central Securities Depositories in SVL's home market.

The cost of US$25 per account for the transfer will be borne by SVL.

The shares trade on the Jamaica exchange at J$2.80 or the equivalent of TT$0.21.


Source:
sabrina.gordon@gleanerjm.com
Jamaica Gleaner
Friday February 3, 2012

http://jamaica-gleaner.com/gleaner/20120203/business/business6.html