Southern Cross Exploration N.L. (ASX: SXX) has been advised by ASX that following the sale of the Company's interest in Wailoaloa Developments Limited in September 2018 that ASX considers the current level of the Company's operations to be insufficient to warrant the continued quotation of its shares and its listing on ASX. ASX has also advised the Company that it has until 24 March 2019 to identify and make an announcement of its intention to acquire a suitable new business which would constitute the Company's new main undertaking. If the Company hasn't done so by this time, ASX will exercise its discretion and suspend the Company's shares from official quotation.
The Company remains committed to the continuation of its ASX listing and will therefore work with its corporate and legal advisers to identify new business opportunities (and/or expand its existing operations) so as to ensure that it is able to demonstrate to ASX's satisfaction that its level of operations are sufficient for the purposes of ASX Listing Rule 12.1.
