Struggling gold producer, Falcon Gold Zimbabwe Limited (Falgold), which in February this year requested to voluntarily delist from the Zimbabwe Stock Exchange (ZSE) after failing to overcome a number of operational challenges, has finally exited the local bourse.
Falgold had cited the following reasons for their decision to delist: inability to publish financial statements for the year ended September 30, 2019 compliant with IAS 29 standards; the distressed operating and financial condition of the company, and the continuing inability to obtain capital under then obtaining conditions.
In a statement this week, ZSE announced the gold producer’s final departure from the bourse
“The Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies the investing public of the voluntary termination of listing of Falcon Gold Zimbabwe Limited (“Falgold”) with effect from 10 November 2020,” said ZSE chief executive officer Justin Bgoni.
“Following the approval by minority shareholders at an Extraordinary General Meeting held on 29 October 2020, Falgold applied for voluntary termination of its listing on Zimbabwe Stock Exchange Limited pursuant to section 11 of the ZSE Listing Requirements.”
Bgoni explained that as required by Section 64 (a) (i) of the Securities and Exchange Act
[Cap24.25], the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe (“SECZ”) to delist Falgold from the ZSE’s official list.“In terms of Section 15 (d) of the ZSE Listing Requirements, holders of Falcon Gold Zimbabwe Limited’s securities are hereby advised that the securities can no longer be traded on the ZSE with effect from 10 November 2020.”
Falgold is a gold mining and exploration company founded in 1991.
The company whose head office is in Bulawayo primarily explores for gold, base metals and precious metals and has an operational processing plant and ancillary infrastructure which supports a central processing plant that treats ore from Pickstone.
