Spotless has applied to be removed from the Australian Securities Exchange (ASX).
According to the company’s board, the costs of remaining listed on the ASX outweigh any benefits of the listing for Spotless.
“The continued listing of Spotless requires the company to incur considerable corporate and administrative costs,” the company said in a statement. “Spotless is seeking to minimise its expenditure and would cease incurring such costs if it is removed from the ASX.”
Both Downer and Spotless made disclosures during the 2017 $1.3 billion takeover offer by Downer for Spotless that, if Downer was to take control of Spotless, it was likely that Spotless would apply to be removed from the ASX.
Spotless is set to hold a general meeting for shareholders on Friday 26 July to consider the delisting. If approved, the company will be removed from the ASX on 30 August 2019.
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