Lihir Gold trading on Toronto bourse ceases

LIHIR Gold Ltd will stop trading on the Toronto Stock Exchange as of close of trading on Monday because of the low level of transactions on there.
This also follows moves by Australian gold giant, Newcrest Mining, to buy out Lihir.
LGL board of directors approved the delisting of the company’s shares from the TSX recently which was also necessitated by the small share ownership by Canadians whose holdings would be transferred to any of the stock exchanges in the US or the Australia Stock Exchange.  
A statement by LGL said it also applied to the Ontario Securities Commission for an order that it no longer be a reporting issuer in Ontario province.
When granted, LGL will not report to Canadian securities agencies.
Meanwhile, Newcrest last month completed its due diligence and was well into its proposed merger arrangement with LGL.
The merger will become the Asia-Pacific’s largest gold producer and the fourth largest gold producer in the world with a market capitalisation of A$25 billion (K50 billion) and assets in five countries including the big gold mine on Lihir island – the flagship of LGL.
A statement from Newcrest said the merger is expected to be completed in September, subject to independent experts analysis on whether the scheme was in the best interests of both the LHL shareholders and LGL’s shareholders approving transaction.
Newcrest also said Lihir had also ceased any discussions with third parties about a competing proposal and required the immediate destruction or return of any confidential information to such parties.