PHD Intents to Cancel Listing and Terminate GDR Programmes

Daily News Egypt
2 Min Read

Palm Hills Developments (PHD) announced that it has applied to cancel the admission to list its global depositary receipts (GDRs) on the Official List of the Financial Conduct Authority (FCA).

At the same time, it has applied to cancel the admission to trading of its GDRs on the main London Stock Exchange (LSE) market, which was to have taken effect on 22 December 2020.

The GDR programmes will also be terminated and the GDRs canceled, effective as of 22 December 2020. This notice is given in fulfilment of the obligation under LR 5.2.8R.

PHD has applied for the cancellation of the admissions to listing and trading of its GDRs due to the low volume being traded on the main LSE market.

The European Union Market Abuse Regulation EU 596/2014 requires PHD to disclose that this announcement contains inside information, as defined in that Regulation.

PHD believes that, given the limited liquidity of the GDRs, the costs and administrative burden of maintaining their admission to listing on the FCA’s Official List and the admission to trading on the main market of the LSE are disproportionate to the benefits of such admissions.

Each GDR represents 20 ordinary shares of PHD (the Shares). The Shares represented by the GDRs will continue to be listed and traded on the Egyptian Stock Exchange (EGX).

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