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The troubled logistics company announced its intention to delist yesterday.
The New Zealand Shareholders’ Association has said QEX Logistics delisting from the NZX is “the worst possible outcome for shareholders”.
QEX Logistics, whose shares have been suspended since mid-February, said in a stock exchange announcement yesterday that it would seek approval from the NZX and shareholders to delist from the mainboard.
Chair Conor English and directors Danny Chan and Martin MacDonald resigned from the logistics company en-masse on February 18, all citing differences with chief executive and majority shareholder, Jingjie (Ronnie) Xue.
QEX has said that despite ongoing recruitment efforts, “several key factors” had made it difficult for the company to
Stock Takes: Contact, Meridian cleared; Cavalier CEO resigns
22 Apr, 2021 05:30 AM
6 minutes to read
Meridian and Contact have been cleared following an investigation into the spilling of water from their South Island dams. Photo / Grant Bradley
Meridian and Contact have been cleared following an investigation into the spilling of water from their South Island dams. Photo / Grant Bradley
The Electricity Authority said it had found that neither Meridian nor Contact had breached trading provisions following an undesirable trading situation (UTS) complaint made by group of power companies. Haast Energy Trading, Ecotricity, Electric Kiwi, Flick Electric, Oji Fibre, Pulse Energy Alliance and Vocus claimed that a UTS involving the spilling of water from November 2019 through to January 2020.
The company s shares have been suspended since February.
QEX Logistics, whose shares have been suspended since its board resigned en-masse in mid-February, is looking to delist from the NZX.
The logistics company said in a stock exchange announcement today that it would seek approval from the NZX and shareholders to delist from the main board.
This was after its shares were suspended indefinitely on February 18 when it fell foul of listing rules following the resignations of chair Conor English and directors Danny Chan and Martin MacDonald.
They all left citing “differences” with chief executive and majority shareholder, Jingjie (Ronnie) Xue.