Pan Pacific Petroleum applies to delist from NZX, will stay on ASX

Pan Pacific Petroleum has applied for voluntary delisting from the NZX due to low trading volumes, though it will stay on the ASX.

"The company has been listed on NZX since January 2002, however over the last six month period there has been minimal trading on NZX to warrant further administrative costs to be incurred by the company which could be utilised in other aspects of the business," it said in a statement to the NZX.

PPP has proposed its last trading day be Oct. 13, and said shareholders would be able to sell their shares on market or have them transferred to the Australian register.

Shares of PPP last traded at 3 cents on the NZX and have dropped 18 percent this year.

(BusinessDesk)

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