Cancellation Announcement (3915F)
April 21 2011 - 10:07AM
UK Regulatory
TIDMENV TIDMENVS
RNS Number : 3915F
Enova Systems, Inc.
21 April 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR
JAPAN
21 April 2011
CANCELLATION OF TRADING IN ENOVA SYSTEMS, INC. SHARES ON AIM
(UK) AND MAINTAINING OF LISTING ON NYSE AMEX (US)
Enova Systems, Inc. ("Enova" or "the Company"), a leading
developer of proprietary hybrid electric and all-electric drive
systems and drive system components for the emerging green
commercial vehicle market, today announces that it has resolved to
notify the London Stock Exchange, pursuant to Rule 41 of the AIM
Rules, of its intention to cancel the admission of its Ordinary
Shares to trading on AIM, subject to the passing of a resolution at
its forthcoming Annual Meeting of Shareholders ("Annual Meeting")
which is expected to be convened on 21 June 2011. A Circular
containing the notice at the Annual Meeting and related materials
will be delivered to all shareholders of the Company in due course
and a further announcement will be made once these have been
posted.
The Company intends to file today for review by the US
Securities and Exchange Commission ("SEC") its Proxy Statement
which gives notice of the Annual Meeting and the Cancellation. A
copy of the proxy statement can be viewed on the SEC's website at
www.sec.gov.
Reasons for Delisting
The Company believes that the low volumes of shares traded on
AIM do not justify the costs associated with maintaining an AIM
dealing facility and that the money saved could be better utilised
in running the business.
The Company's board estimates that Enova spends approximately
$184,000 per year on maintaining the listing of its common stock
shares on AIM, including complying with disclosure and regulatory
requirements that are largely duplicative of those that Enova is
required to comply with as a U.S. public company. Furthermore,
matters relating to maintaining the admission of our common stock
to AIM consume a large amount of management time.
In light of the foregoing and the need to conserve the Company's
liquidity as a result of the unprecedented instability in the
global financial markets and the general slowdown in the overall
economy, Enova's board has determined that the additional costs
associated with maintaining a second listing on AIM is
inappropriate and that it is in the best interests of the Company
to cancel the admission of its shares of common stock to trading on
AIM.
Effect of Delisting
Enova will continue to maintain liquidity of its shares through
its NYSE Amex Listing. Holders of the Company's shares would
therefore be able to effect trades on NYSE Amex following the
cancellation.
Subsequent to the de-listing of the Company's common stock from
AIM, the Company would continue to be subject to the disclosure and
reporting requirements under the Securities Exchange Act of 1934,
including the requirement to file periodic and current reports with
the SEC. In addition, the Company would continue to be required to
comply with the corporate governance listing standards of the NYSE
Amex.
Accordingly, the Company believes that it is in the best
interests of the shareholders, subject to SEC and shareholder
approval, to seek cancellation of its AIM admission at the earliest
opportunity. The Company has, therefore, separately notified the
London Stock Exchange of its preferred date for the cancellation,
of Thursday, 30 June 2011.
Annual Meeting
In addition to the proposed resolution to approve cancellation
of Enova's AIM admission, the notice of the Annual Meeting sets
forth proposals to re-elect Messrs Richard Davies, John J. Micek,
Edwin O. Riddell, Roy S. Roberts, Michael E. Staran and John R.
Wallace as directors of the Company and to ratify the Audit
Committee's selection of PMB Helin Donovan LLP as the Company's
principal registered independent auditors
For further information please contact:
Enova Systems, Inc. Tel: +1 310 527 2800
Mike Staran, President and Chief Executive Officer
John Micek, Chief Financial Officer
Investec Tel: +44 (0)20 7597 5970
James Grace
This information is provided by RNS
The company news service from the London Stock Exchange
END
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