Cancellation of AIM Listing


 

TIDMCDT TIDMCDTI 
 
RNS Number : 0867Q 
Clean Diesel Technologies, Inc 
03 April 2009 
 

 
 
Clean Diesel Technologies Inc 
("Clean Diesel" or "the Company") 
 
 
Proposed De-Listing from AIM of the London Stock Exchange 
 
 
Clean Diesel, a Delaware corporation, today announces that it is proposing to 
cancel the admission to trading on AIM of its Common Stock, $0.01 par (the 
"Shares") and to submit that proposal to its Shareholders at its Annual General 
Meeting on 13 May 2009 (the "Meeting"). 
 
 
Background 
 
 
The Shares have been quoted on the AIM Market ("AIM") of the London Stock 
Exchange plc (the "Exchange") since 20 December 2001. The Shares were listed on 
The NASDAQ Capital Market ("NASDAQ") on 3 October 2007. 
 
 
Reasons for the De-Listing 
 
 
The Directors have been considering for some time the merits or otherwise of the 
Company's Shares continuing to trade on AIM. 
 
 
As a result of the current economic conditions, the Directors are increasingly 
looking to cut any non-essential costs from within the business to ensure 
greater cash preservation. In 2008, the Company expended the estimated amount of 
$200,000 directly or indirectly on account of its listing on AIM. Moreover, 
substantial internal financial and legal staff time is taken up continually to 
comply with the regulatory aspects of the AIM Rules. Noteworthy, also, is that 
from the listing of the Shares on NASDAQ in October 2007 through the end of 
2008, the average daily trading volume of the Shares has been 9,010 shares on 
NASDAQ and 700 shares on AIM. 
 
 
In the opinion of the Directors, maintaining the quote of the Shares on AIM 
while they are also listed on NASDAQ is an unnecessary and duplicative expense 
and compliance burden. 
 
 
The Directors strongly believe that for the reasons referred to above, the 
Company should seek the cancellation of the admission of its Shares to trading 
on AIM. 
 
 
De-Listing 
 
 
Rule 41 of the AIM Rules requires an AIM company which wishes the Exchange to 
cancel admission of its Shares to trading on AIM to notify such intended 
cancellation and separately inform the Exchange of its preferred cancellation 
date at least twenty business days prior to such date. The cancellation is 
conditional upon the consent of not less than 75 percent of votes cast by 
Shareholders given at the Meeting. 
 
 
The Company's Notice of Meeting and Proxy Statement for the Meeting on 13 May 
2009 contains a special resolution which proposes that the Company's admission 
to trading on AIM be cancelled. 
 
 
Subject to the requisite Shareholder approval, the De?Listing is expected to be 
effective from 7:00 am on 21 May 2009. 
 
 
Following the De-Listing 
 
 
The Directors are aware that Shareholders may still wish to acquire or dispose 
of Ordinary Shares. The Company intends to maintain its NASDAQ listing and, 
following the De-Listing of the Shares from AIM, Company Shareholders will 
continue to be able to trade on this market. 
 
 
Annual Meeting 
 
 
An Annual Meeting of Shareholders of the Company is being convened to be held at 
The Bridgeport Holiday Inn, 1070 Main Street, 
Bridgeport, Connecticut 06604 USA on 13 May 2009 at 2:00 pm, at which Meeting a 
resolution which seeks Shareholder approval for the cancellation of the 
admission to trading on AIM will be proposed. To be effective, the resolution 
must be passed by the affirmative vote of 75% of those Shareholders present in 
person (or being a corporation, present by a duly authorised representative) or 
by proxy and voting on this proposal at the Meeting, there being, however, as 
required by Delaware law, a minimum quorum of one third of the outstanding 
Shares represented in person or by proxy at the Meeting. 
 
 
If this resolution is passed by Shareholders at the Meeting, it is anticipated 
that the cancellation of the admission to trading on AIM of the Shares will 
become effective from 7:00 am on 21 May 2009. 
 
 
Notice of Meeting and Proxy Statement 
 
 
A resolution to approve the De-Listing will be included within the Notice of 
Meeting and Proxy Statement for the Meeting, to be posted to Shareholders on or 
about 15 April 2009. 
 
 
 
 
For further information please contact: 
 
 
+-------------------------------------------------------+----------------------+ 
| Clean Diesel Technolgies, Inc.                        |     +1 203 416 5290  | 
+-------------------------------------------------------+----------------------+ 
| Ann Ruple, CFO                                        |                      | 
+-------------------------------------------------------+----------------------+ 
|                                                       |                      | 
+-------------------------------------------------------+----------------------+ 
| Charles Stanley Securities - NOMAD and broker         |        020 7149 6000 | 
+-------------------------------------------------------+----------------------+ 
| Philip Davies / Freddy Crossley / Jen Boorer          |                      | 
+-------------------------------------------------------+----------------------+ 
 
 
 
 
EXPECTED TIMETABLE OF PRINCIPAL EVENTS 
+---------------------------------------------+--------------------------------+ 
| Publication date of the circular posted to  |                  15 April 2009 | 
| Shareholders                                |                                | 
+---------------------------------------------+--------------------------------+ 
| Latest time and date for receipt of Forms   |         2:00 pm on 11 May 2009 | 
| of Proxy for the Annual General Meeting     |                                | 
+---------------------------------------------+--------------------------------+ 
| Annual General Meeting                      |         2:00 pm on 13 May 2009 | 
|                                             |                                | 
+---------------------------------------------+--------------------------------+ 
| Cancellation of admission to trading on AIM |   with effect from 7:00 am on  | 
| of the Ordinary Shares                      |                    21 May 2009 | 
+---------------------------------------------+--------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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