via Investopedia.org - Digging For Profitable Delistings

In the main, a voluntary delisting is not the extinguishment of a right. There is a significant difference between voluntary delisting and extinguishment of shares per se.

Golden Band shares are still listed on U.S. exchanges this morning. My GBN.H disappeared from my account and were replaced by GBRIF. What will happen to the former beneficial shareholders is still a question mark.

But what has been achieved overall, considering that PROCON holds one share worth $100 and holds the equity interest in the company, is that Golden Band Resources has effectively privatized itself.

So the restructuring process has continued, with a physical squeeze out of shareholders, or the lengthy no-bid period, the notice to default, the trading halt, the pro-forma bankruptcy, and the voluntary de-listing.

What should occur still is the asset transfer, long discussed as the source of recapitalization. but they may also IPO later under more favourable market conditions. Not that favourable market conditions will present themselves, since a financial crisis long talked about is still to occur.

The following article in Investopedia discusses de-listings and the results of de-listing.

http://www.investopedia.com/articles/stocks/07/delisting.asp

http://www.businesstoday.in/moneytoday/stocks/avoiding-the-delisting-trap/story/7481.html

-F6