Arasor receives approval to delist

Arasor receives approval to delist

Optical and wireless technology developer Arasor International (ASX:ARR) has revealed it has received preliminary approval from the ASX to delist as a method of improving shareholder value.

ASX Limited has informed Arasor that it will grant a request to remove the company from official quotation should shareholders approve such a proposal.

Arasor has called a shareholder meeting for February 25 to vote on whether to follow through.

But the company said that as well as the delisting, it is exploring other methods of improving value for shareholders.

Should an alternative be identified, the company will remove the proposal from the meeting.

Arasor International in February last year decided to abandon its operations in China, and in November revealed it had started legal proceedings against its former executive chairman, Dr Simon Chao, for failing to fulfil his commitment to get a JV in China with ZTEI off the ground.

The company also arranged in April to sell its Japanese production facility to a US multinational for $1.17 million.

Arasor has yet to publish its FY10 results. Its FY09 earnings, published in late December 2010, show a loss from continuing operations of $1.36 million.

ARR shares closed on Thursday unchanged at $0.024.

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Tags Arasor ASX ASX:ARR delisting

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