The Shares are currently listed for trading on the TSXV and AIM.
The directors of the Company believe that the minimal trading activity of the Company's common shares on the TSXV no longer justifies the expense and administrative requirements associated with maintaining this dual listing, and that the Company's continuing AIM listing will provide its shareholders with a sufficiently liquid market.
Subject to its application being accepted by the TSXV, it is expected that the Shares will be delisted from the TSXV at the close of trading 28 February 2017, with the Shares continuing to trade on AIM under the ticker "ARS".
Implications of the delisting for shareholders on the Canadian register
Following delisting from the TSXV, on 31 March 2017, the Company will also be closing its Canadian share register and merging it with the principal register in Bermuda to be maintained by Computershare Investor Services (Bermuda) Limited (the "Bermuda Register").
The Company's Canadian share register will, however, remain open until31 March 2017 in order to enable shareholders and Canadian Depository for Securities ("CDS") participants currently on the Canadian register to request, if they wish, to have depositary interests ("DIs") in respect of their holdings issued to a broker/nominee within CREST, the United Kingdom ("UK") settlement system.
The Company is incorporated in Bermuda and its Shares are quoted on AIM in London. The Company uses DIs to enable electronic transfer and settlement within CREST for trading of its securities on AIM.
If CDS participants or shareholders on the Canadian register have not activated a DI issuance request by 31 March 2017, their holding will be automatically moved to a certificated holding on the Bermuda Register and they will be sent a new physical share certificate. Canadian share certificates previously issued will become null and void at such time. Following delisting from the TSXV, shareholders trading their holdings not held in the form of DIs within CREST may encounter delays or additional expense. Shareholders whose holdings are already held within CREST in the form of DIs, or who wish to receive new share certificates from the Bermuda Register need not take any action.
CDS participants or those with Shares held by a broker within CDS, who wish to have DIs issued in respect of their holdings, should arrange for the CDS participant or broker to complete and submit a Computershare xSettle Electronic Instruction or a "Register Removal Request - CDS Withdrawals to UK Depositary Interests" form to Computershare Investor Services Inc. (the "Depositary") for the issue of DIs to their broker/nominee in CREST. Shareholders who hold their Shares through a Canadian broker are encouraged to contact their broker to arrange for this to happen.
Registered shareholders with share certificates who wish to have DIs issued in respect of their holdings, will need to open an account with a CREST broker/nominee and complete a "Register Removal Request - Canadian Certificate to UK Depositary Interests" form and submit it to the Registrar together with the original Canadian share certificate(s). Alternatively, Canadian share certificates can be submitted to the CREST broker/nominee for them to arrange the issuance and deposit of the DIs into CREST.
These forms are available from: https://www-us.computershare.com/Investor/help/PrintableForms.