New-Zealand based discount clothing retailer The Warehouse Group (WHS) has confirmed it has been given approval to delist from the Australian Securities Exchange (ASX).
As previously reported on ragtrader.com.au, the retailer announced its intention to withdraw from the ASX in April, citing high costs and a financial review which forced the company to review its duel listing on both the ASX and New Zealand Stock Exchange (NZX).
The company has now confirmed that it has since complied with the conditions set out by the ASX to delist and will be removed from the exchange on June 29.
Trading of the company's shares on both the ASX and the NZX will continue until close of trading on June 22, with shares suspended after this point to allow time for the settlement of all WHS share trades on ASX prior to delisting.
From opening of trading on Monday June 25, 2012, the company's shares will trade only on the NZX.
To assist Australian shareholders who may want to sell their WHS shares on NZX following the company's delisting from the ASX, the company has arranged a share sale facility with ASX participant RBS Morgans Limited.
WHS is currently named on the NZX 50 Index, a list which comprises the 50 largest and most liquid companies listed on the NZSX market.
As previously reported on ragtrader.com.au, the company also recently lost its chief financial officer Luke Bunt after 10 years of service and has suffered various management shifts in the past 12 months, including the resignation of chairman Keith Smith and chief executive and managing director Ian Morrice.