New Britain Palm Oil delists

 NEW Britain Palm Oil Ltd (NBPOL) yesterday has delisted its shares from the London Stock Exchange. 

The firm, which produces palm oil from sustainable resources across the country has cancelled trading in its shares after 

announcing 98.8 per cent of shareholders have now accepted a takeover offer from Sime Darby Plantation.

Malaysian-based Sime Darby launched its £1.073billion (K4.43bn) approach for the group last October.

In the absence of a better offer, it was recommended to New Britain shareholders.

On Tuesday, New Britain announced that Sime Darby had received acceptances equivalent to 98.8 per cent of voting shares for its offer, which it expected to be settled on March 2.

But yesterday the business said it had applied to the UK Listing Authority and the London Stock Exchange for the cancellation of trading in New Britain Palm Oil ordinary shares.

It said the cancellation notice period has now commenced and cancellation was expected to take effect yesterday.

At the time of the offer, New Britain chairman, Antonio Monteiro de Castro reportedly told the Liverpool Echo that: “The offer will provide an opportunity for all shareholders to realise their investment in NEW Britain Palm Oil 

Ltd at an attractive valuation 

and we believe it represents a positive outcome for our employees, our customers and other stakeholders.

“By joining the Sime Darby Group (following the successful completion of the offer), New Britain Palm Oil Ltd will benefit from having a strong, supportive partner to drive future expansion and growth in Papua New Guinea and internationally.”

In a statement released to the stock market, NBPOL said: “Such cancellation of listing and admission to trading is expected to significantly reduce the liquidity and marketability of any NBPOL shares not accepted into the offer. 

“New Britain Palm Oil 

Ltd will need to consider if it continues to satisfy the free float requirements of Port Moresby Stock Exchange.”