EnQuest PLC (referred to as ‘EnQuest’ or the ‘Company’) has outlined its intention to apply for the delisting of its shares from Nasdaq Stockholm. However, the formal application for delisting will not be submitted to Nasdaq Stockholm until a minimum of three months after the market is informed of this decision through the publication of this press release. It is important to note that the Company’s shares will continue to be listed on the London Stock Exchange.
The background of EnQuest’s listing on Nasdaq Stockholm traces back to the issuance of shares, provided as consideration to Swedish resident shareholders in the former Lundin entity, which was acquired during the early years of the Company’s existence.
During the period when the UK was a member state of the European Union (‘EU’), the London Stock Exchange served as the Company’s primary listing for EU-related purposes. Consequently, the Company faced relatively minimal additional compliance requirements associated with its listing on Nasdaq Stockholm. However, with the UK’s exit from the EU, the UK is no longer regarded as EnQuest’s primary EU listing, and Nasdaq Stockholm has assumed this role. As a result, the Company is now subject to substantially increased compliance obligations.
It is worth emphasizing that EnQuest has no legal or physical presence in Sweden, and, therefore, it depends on external assistance to meet Nasdaq Stockholm’s listing criteria. This has led to unforeseen additional compliance costs for the Company.
Importantly, the ownership of EnQuest’s shares will remain unaffected by the delisting process. Shareholders will retain all their rights as stipulated by applicable corporate law and the Company’s constitutional documents.
Once the delisting is completed, EnQuest’s shareholders who hold their shares through Euroclear Sweden AB can continue trading EnQuest’s shares on the London Stock Exchange. This transition will necessitate arranging a cross-border transfer of their shares into the book-entry system managed by Euroclear UK & Ireland Limited, commonly known as CREST. Detailed instructions regarding these cross-border transfers will be provided in due course.
This information is released for publication through the contact persons specified below, as of 07:00 UK time on September 5, 2023.