Finders is an emerging low cost copper cathode producer, developing a high grade 25,000 tpa copper mine on Wetar Island in Indonesia, plus a highly prospective, advanced gold-silver exploration project in Sumatra.
The company simultaneously announced the appointment of James Wentworth as finance director.
Finders’ new finance director started his career with law firm Feez Ruthning in Brisbane before joining Macquarie Bank in their Project and Structured Finance and Corporate Advisory divisions in Sydney and Wellington.
He then moved to New York and worked in the Mergers and Acquisitions division of Lehman Brothers for three years before joining Goldman Sachs' Principal Investment Area.
He has spent the last nine years with Sydney-based private equity firm CHAMP Ventures where he was a director and member of the Investment committee.
The cancellation will give shareholders currently trading on AIM access to the greater liquidity available on the ASX, the group said.
Less than 2 percent of Finders’ shares in issue are currently traded on AIM.
“Finders continues to welcome investment from London and other European institutions and will be maintaining its UK marketing programme through the retention of FinnCap Ltd as joint broker and research provider,” the company said in the statement.
The cancellation will take effect on 26 January 2011, which means that 25 January will be the last day of trading of Finders’ shares on AIM.
All shareholdings held through Finders' UK share registry will be migrated to Finders Australian share registry (managed by Computershare) following the cancellation date.
Shareholders will be able to transfer their holding before this date if they so choose.
Finders is focused on the Wetar copper project in Indonesia.
In October, the company told investors that the Wetar project’s demonstration plant in Indonesia was operating as forecast and on budget, with 341 tonnes of copper cathode being produced in the third quarter ended 30 September 2010.