Trading in West African Resources (WAF) has been suspended on the Australian Securities Exchange (ASX). The suspension follows a request from the government of Burkina Faso to acquire an additional 35 per cent of the company’s subsidiary, Kiaka SA. The government’s acquisition will be for valuable consideration. West African Resources is an Australian company focused on gold production in Burkina Faso. Through its subsidiary, Kiaka SA, it operates the Kiaka Gold Project.
WAF had initially requested a trading halt on August 28, pending an announcement regarding the government’s request. However, the company did not lodge the required update by the start of trading on September 1. Consequently, the ASX has moved to suspend WAF’s securities under Listing Rule 17.3. This rule allows the ASX to suspend trading in a company’s securities if it believes the company is not complying with the listing rules.
The ASX has stated that the suspension will remain in effect until it is satisfied that West African Resources has met its continuous disclosure obligations. The company must also demonstrate that it is otherwise compliant with all applicable Listing Rules. Investors are advised to monitor updates from both West African Resources and the ASX regarding the resumption of trading.
