QEX Logistics Limited (NZX: QEX) Suspension of Quotation

NZ RegCo advises that it has exercised its discretion under the NZX Listing Rules and suspended the quotation of QEX ordinary shares. The suspension of quotation was placed pre-market open today.

The suspension follows the announcement by QEX that all QEX’s independent directors have resigned with immediate effect. As a result of those resignations, QEX currently only has one director, who is a non-independent director. This means that QEX no longer meets the NZX Listing Rule requirements relating to board composition, including the director residency requirement, independent director requirement and audit committee composition requirement. RegCo considers that a suspension is in the best interests of the market, given the intent and objectives of the relevant corporate governance provisions.

The suspension will remain in place until further notice.

Please see the links below for details:

QEX Logistics Limited (“QEX”) - Suspension of quotation

Source: QEX Logistics Limited and NZ RegCo

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