Woodside to Delist From the London Stock Exchange

Rhea-AI Summary

Woodside has decided to delist from the London Stock Exchange (LSE) due to low trading volumes and to reduce administration costs. The company has applied to cancel its listing on the LSE's Main Market, with the last trading day expected to be 19 November 2024. The delisting will not affect Woodside's primary listing on the Australian Securities Exchange (ASX) or its American Depositary Receipts (ADR) program on the New York Stock Exchange (NYSE).

Woodside shares represented by depositary interests account for approximately 1% of Woodside's issued share capital. Information on the delisting and options for depositary interest holders will be provided by Computershare. The company has provided contact details for Computershare and Citibank for further inquiries related to the transfer of LSE depositary interest holdings to ASX shares or ADRs.

Positive

• Reduction in administration costs by delisting from LSE
• Maintenance of primary listing on ASX and ADR program on NYSE

Negative

• Loss of London Stock Exchange listing may reduce visibility to European investors
• Potential short-term selling pressure from depositary interest holders

Insights

Financial Analyst

Woodside's decision to delist from the LSE is a strategic move aimed at streamlining operations and reducing costs. With only 1% of shares traded on the LSE, the low trading volume doesn't justify the administrative burden. This move will likely have a minimal impact on Woodside's overall market presence, given its primary listing remains on the ASX and its ADRs continue trading on the NYSE. The delisting may result in modest cost savings, potentially improving the company's bottom line marginally. However, it could slightly reduce liquidity for European investors, who may need to adjust their trading strategies. Long-term, this consolidation of listings could enhance focus on the company's core markets and potentially improve investor communications efficiency.

Market Research Analyst

The delisting from LSE signals Woodside's strategic realignment towards its primary markets in Australia and the US. This move reflects a broader trend among global companies to optimize their listing structures. For investors, it's important to note that the impact on share price and trading volume is likely to be negligible, given the low LSE trading activity. However, this decision might affect Woodside's visibility among European institutional investors, potentially leading to minor shifts in its shareholder base. The company's focus on cost reduction aligns with industry-wide efforts to improve operational efficiency, especially relevant in the volatile energy sector. Investors should monitor any changes in liquidity or valuation multiples post-delisting, although significant shifts are unlikely given the maintained ASX and NYSE presence.

PERTH, Australia--(BUSINESS WIRE)-- Woodside has reviewed its current listing structure and decided to delist from the London Stock Exchange (LSE). Woodside shares represented by depositary interests account for approximately 1% of Woodside’s issued share capital. Trading volumes of Woodside shares on the LSE are low and delisting from the LSE will reduce Woodside’s administration costs.

Woodside has applied to the UK Financial Conduct Authority (FCA) and the LSE to cancel the admission of Woodside shares to listing in the International Commercial Companies Secondary Listing category of the Official List of the FCA and trading under the ticker “WDS” on the Main Market for listed securities of the LSE.

In accordance with UK Listing Rule 21.2.17, Woodside is required to give at least 20 business days’ notice of the intended cancellation of the listing of its shares. It is expected that the admission of Woodside’s shares to the International Commercial Companies Secondary Listing category of the Official List and to trading on the LSE’s Main Market for listed securities will be cancelled with effect from 08:00 (GMT) on 20 November 2024. The last day of trading of Woodside shares on the LSE will be 19 November 2024.

Woodside’s primary listing on the Australian Securities Exchange (ASX) and its American Depositary Receipts (ADR) program on the New York Stock Exchange (NYSE) will not be affected by the delisting of Woodside shares from the LSE.

Further information

Information on the delisting and termination of depositary arrangements and the options available to depositary interest holders, including how to sell their depositary interests, will be sent to depositary interest holders from Computershare. For further information on the transfer of LSE depositary interest holdings to ASX shares or for queries related to sale options, please contact:

Computershare Investor Services PLC
Telephone:   + 44 (0)370 703 6075
Email:            WebCorres@computershare.co.uk

Depositary interest holders who receive Woodside shares upon termination of Woodside’s depositary interest arrangements and who wish to hold ADRs listed on the NYSE should contact Citibank N.A., the depositary for Woodside’s ADR program, following receipt of their ASX-listed Woodside shares:

Citibank Shareholder Services
Telephone:   +1 781 575 4555
Email:            citibank@shareholders-online.com

For further information refer to www.woodside.com/investors/lse-delisting.

This announcement was approved and authorised for release by Woodside’s Disclosure Committee

View source version on businesswire.com: https://www.businesswire.com/news/home/20241015044394/en/

INVESTORS

Marcela Louzada

M: +61 456 994 243

E: investor@woodside.com

MEDIA

Christine Forster

M: +61 484 112 469

E: christine.forster@woodside.com

Source: Woodside Energy Group Ltd

FAQ

When will Woodside (WDS) delist from the London Stock Exchange?

Woodside (WDS) is expected to delist from the London Stock Exchange effective 08:00 (GMT) on 20 November 2024, with the last trading day being 19 November 2024.

Why is Woodside (WDS) delisting from the London Stock Exchange?

Woodside (WDS) is delisting from the London Stock Exchange due to low trading volumes and to reduce administration costs. Only about 1% of Woodside's issued share capital is represented by depositary interests on the LSE.

Will Woodside's (WDS) delisting from LSE affect its listings on other exchanges?

No, Woodside's (WDS) delisting from the London Stock Exchange will not affect its primary listing on the Australian Securities Exchange (ASX) or its American Depositary Receipts (ADR) program on the New York Stock Exchange (NYSE).

What options do Woodside (WDS) depositary interest holders on LSE have after delisting?

Woodside (WDS) depositary interest holders on LSE can transfer their holdings to ASX shares or sell their depositary interests. Detailed information and options will be provided by Computershare Investor Services PLC.