Kopy Goldfields AB (publ) applies for delisting of its shares from Nasdaq First North Growth Market
The annual general meeting of Kopy Goldfields (publ) ("Kopy" or the "Company") resolved on 27 June 2024 on voluntary redemption of shares and on 1 August 2024 Kopy published the outcome of the redemption procedure, which was later supplemented by additional information on the Company's website on 20 August 2024, where shareholders holding approximately 9.43% of the shares accepted and requested to redeem their shares. In light of this, the Company's Board of Directors has applied for delisting of the Company's shares from Nasdaq First North Growth Market in Stockholm ("Nasdaq First North").
On 24 May 2024, Kopy published the Board of Directors' proposal to the annual general meeting regarding the reduction of the share capital for repayment to shareholders through withdrawal of shares (the "Redemption Procedure"). On 1 August 2024 the Company announced the outcome of the Redemption Procedure, which was later supplemented by additional information on the Company's website on 20 August 2024, where shareholders holding a total of 85,158,103 shares, corresponding to approximately 9.43% of the shares and votes in the Company, accepted and requested to redeem their shares. The Redemption Procedure was registered with the Swedish Companies Registration Office on 27 August 2024. Following the Redemption Procedure the ownership of the majority owners (HC Alliance Mining Group Ltd and Magomed Bazhaev) increased to approximately 93.0% of the shares and votes in the Company. In addition, one shareholder holding approximately 2.5% of the shares and votes in Kopy cooperates with the majority owners meaning that approximately 95.5% of the shares and votes is excluded from the free float calculation.
The Board of Directors of the Company considers that the functionality of the share pricing mechanism does not work in a satisfactory manner after the Redemption Procedure and the Company is in material non-compliance with Nasdaq First North's liquidity requirement, regarding shares in public ownership and the number of qualified investors.
In view of this, the Company's Board of Directors has resolved to request that the Company's shares are delisted from Nasdaq First North as soon as is practically possible.
The last day of trading in the Company's shares on Nasdaq First North will be announced in a separate press release as soon as the Company has received confirmation thereof from Nasdaq Stockholm AB.
This is a translation of the Swedish version of the press release. In case of discrepancies, the Swedish wording shall prevail.