London investment trust to delist from NZX

The City of London Investment Trust has announced its intention to delist from the New Zealand Stock Exchange (NZX).

The company's ordinary shares will be delisted from the NZX Main Board, effective from March 21 2024.

The decision to delist was attributed to the decrease in trading of TCL shares on the NZX Main Board, as well as the increasing costs of maintaining the listing.

Shareholders on the New Zealand register currently hold only 1.2% of the company's total shares in issue.

TCL's ordinary shares will continue to be listed on the London Stock Exchange and quoted on the LSE.

The delisting is expected to enable the company to save on listing fees, legal fees, and registry costs associated with its NZX listing.