Australian oil and gas firm Woodside (LON: WDS) is set to delist from the London Stock Exchange (LSE) following a review of its “current listing structure”.
The firm wrote in a stockmarket update: “Trading volumes of Woodside shares on the LSE are low and delisting from the LSE will reduce Woodside’s administration costs.”
As a result of this, Woodside has applied to the UK Financial Conduct Authority (FCA) and the LSE to cancel the administration of its shares.
The last day of trading for Woodside shares in London will be on 19 November with the firm delisting the following day.
It explained that “Woodside shares represented by depositary interests” make up around 1% of the firm’s issued share capital.
The business will continue to be traded on the Australian Securities Exchange (ASX) and its American Depositary Receipts (ADR) program on the New York Stock Exchange (NYSE).
The firm says that these will not be effected by it delisting from the LSE.
Panmure Liberum director and oil and gas research analyst Ashley Kelty commented: “This is no surprise given the small amount of stock held in the UK with investors appearing to be unimpressed with mgmt., and different reporting style –being different from BP and Shell was always going to result in a lower rating.”
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