The wind turbine maker Windflow Technology Ltd is set to delist from the junior board of the New Zealand Stock Exchange – the NZAX.
This follows the annual general meeting of the company in Christchurch at which shareholders supported the delisting on the NZAX and for the company to list with the Unlisted Securities Exchange and enter into a listing agreement with Efficient Market Services Ltd (EMS).
Shareholders also approved revocation and replacement of the company’s constitution from the day it delists from the NZX.
Windflow said that the key impact on shareholders will simply be that share trading will be undertaken on the Unlisted market rather than the NZAX.
The company said profitability for FY2019 will be negatively impacted by between $60,000 and $75,000 arising from fees associated with the delisting process, including legal and printing costs.
Windflow has gone through some harrowing financial issues and had some debts forgiven by a major English shareholder on the basis that his company took over ownership of wind farm facilities in Great Britain.