TORONTO, ONTARIO--(Marketwire - Jan. 24, 2013) - Harmony Asset Limited (Incorporated in the Cayman Islands with limited liability) (TSX:HAR)(HKSE:428) -
The board of directors (the "Board") of Harmony Asset Limited (the "Company") wishes to announce that the Company has applied for the voluntary delisting (the "Delisting") of its ordinary shares (the "Shares") from the Toronto Stock Exchange ("TSX") pursuant to Section 720 of the TSX Company Manual. The Board further announces that the Company's application has been approved by the TSX. It is expected that trading of the Shares will be ceased and the Company will be delisted from the TSX at the close of business on July 22, 2013.
As the Company is listed on The Stock Exchange of Hong Kong Limited ("SEHK"), shareholders of the Company ("Shareholders") can continue to trade their Shares on the Main Board of the SEHK after the Delisting.
The Board wishes to announce that the Company has applied for the voluntary Delisting of the Shares from the TSX pursuant to Section 720 of the TSX Company Manual. The Board further announces that the Company's application has been approved by the TSX. It is expected that the trading of Shares will be ceased on TSX and the Company will be delisted from the TSX at the close of business on July 22, 2013.
As the Company is listed on the SEHK, Shareholders can continue to trade their Shares on the Main Board of the SEHK after the Delisting. There is no requirement for an exit alternative to be offered to Shareholders.
Reasons for the Delisting
The Board has considered the benefits of the Shares being listed on two publicly traded stock exchanges, namely the SEHK and the TSX. However, the trading volume of the Shares on the TSX has been very limited since the Company was listed on the TSX in November 2006. In addition, the compliance costs and administrative burden in maintaining the listing of Shares on the TSX are relatively significant, which has not resulted in additional benefit for Shareholders in view of the low trading volume. After due and careful consideration, the Board has decided that it is no longer in the Company's best interest to maintain a listed status on the TSX. As the Company will continue to maintain its listing on the SEHK, the Board is of the view that the dispensation of such additional costs and administrative burden will enable the Board to focus its resources on the future business operations of the Company.
Implication of Delisting for Shareholders
Upon Delisting, certain procedures stipulated by the Company's branch registrar, Computershare Investor Services Inc. at its office in Toronto ("Computershare Toronto"), will apply with respect to the removal of Shares that are currently registered with Computershare Toronto. A further announcement with detailed procedures and arrangements upon Delisting will be published by the Company in due course.
Shareholders who do not have any Shares registered with Computershare Toronto are not required to take any action and this announcement is for information purposes only.
By Order of the Board
HARMONY ASSET LIMITED
Lee Fong Lit David, Chairman
Hong Kong, January 24, 2013
As at the date of this announcement, the executive directors are Mr. Lee Fong Lit David, Dr. Chow Pok Yu Augustine, Mr. Chan Shuen Chuen Joseph and Mr. Cheng Ming Shun; the independent non-executive directors are Mr. Tong Kim Weng Kelly, Dr. Wong Yun Kuen and Mr. Ho Man Kai Anthony.
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.