VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2016) - Coventry Resources Inc. ("the Company") (ASX:CYY) advises that the Company has been registered as an Australian company effective from May 25, 2016 ("Australian Continuance"). Pursuant to the Australian Continuance, the Company's name has also changed to Coventry Resources Limited.
The proposed continuance from Canada to Australia was previously approved by shareholders at the Company's Annual General and Special Meeting held on April 15, 2016. The Board considers that the Australian Continuance should generate significant cost savings and improve the administration and efficiency of the Company by having the majority of executive and personnel located in a single office in Australia. Further reasoning is that the majority of shareholders of the Company are Australian based and the Company trades only on the Australian Securities Exchange ("ASX").
ASX Timetable
As part of the Australian Continuance, Coventry's common shares will become fully paid ordinary shares ("Shares") on a 1:1 basis. All shareholders will then hold Shares directly in the Company rather than through the CHESS Depositary Interests ("CDIs") nominee and those Shares will be tradeable on ASX. Accordingly, all existing CDIs will be cancelled and new holding statements will be issued in support of the uncertificated shareholdings (in replacement for the existing CDI statements).
The relevant ASX timetable is set out below:
