After having reviewed its current listing structure, Australian energy giant Woodside Energy has decided to delist from the London Stock Exchange (LSE), a move set to reduce the company’s administration costs.
Woodside, noting that its trading volumes on the LSE are low, has applied to the UK Financial Conduct Authority (FCA) and the LSE to cancel the admission of shares to listing in the International Commercial Companies Secondary Listing category of the FCA’s Official List and trading under the ticker “WDS” on the Main Market for listed securities of the LSE.
As the announcement of the intended cancellation was required at least 20 business days in advance, it is anticipated that the admission of Woodside’s shares to the International Commercial Companies Secondary Listing category of the Official List and to trading on the LSE’s Main Market for listed securities will be canceled with effect from 08:00 GMT on November 20.
The last day of trading of Woodside shares on the LSE will be November 19.
The firm’s primary listing on the Australian Securities Exchange (ASX) and its American Depositary Receipts (ADR) program on the New York Stock Exchange (NYSE) will not be affected by the LSE delisting.
Earlier this month Woodside completed the acquisition of Tellurian, a U.S.-based natural gas player, expanding its liquefied natural gas (LNG) portfolio. As the Australian heavyweight has taken over the ownership and operatorship of a proposed 27.6 million tonnes per annum (mtpa) LNG terminal in Louisiana, it has also put its stamp on this development opportunity with a new name to reflect the change of ownership.
The announcement came after a long-term sale and purchase agreement (SPA) Woodside signed with Japan’s power generation company JERA, a joint venture of TEPCO Fuel & Power Incorporated and Chubu Electric Power Company, for the delivery of LNG to Japan.