DRA Global Limited (ASX: DRA | JSE: DRA) (DRA or Company) has today announced its intention to delist from both the Australian Securities Exchange (ASX and ASX Delisting) and the Johannesburg Stock Exchange (JSE and JSE Delisting) (together, the Delistings) and undertake an off-market equal access share buy-back (Buy-Back), subject to obtaining the required shareholder approvals. Delisting from the ASX (primary exchange) and the JSE (secondary exchange) and the Buy-Back will be put forward for shareholder approval at an extraordinary general meeting that is proposed to be held on 7 November 2024.
The Delistings are considered by DRA’s Board (Board) to be in the best interests of DRA in light of, among others, the low level of trading of DRA’s shares on the ASX and the JSE. The Delistings are conditional on obtaining shareholder approval for the Buy-Back.
The Buy-Back will provide shareholders with the opportunity to realise some or (subject to the cap on the Buy-Back, described below) all of their investment in DRA prior to Delistings, alternatively, in the event that shareholders do not approve the Delistings, to provide shareholders with access to liquidity not available through normal market trading. For this reason, the Buy-Back will not be conditional upon the Delistings being approved by DRA’s shareholders.
Further details of these proposals and an indicative timetable are provided in full announcement. These proposals will also be more fully detailed in a Notice of Meeting and Explanatory Memorandum (Notice of Meeting) which will be accompanied by an Independent Expert’s Report for the purposes of the JSE Listings Requirements with respect to the Buy-Back, and will shortly be despatched to shareholders together with the Notice of Meeting.