They will trade over the counter - like pink sheets stocks with a different ticker, but the stock won't be available in volume, most of it would be traded in Canada - and that's it for anyone with a bigger portfolio. We are talking a sudden and significant drop in volume and then a little price drop.
Then - there are going to be some market makers if you are lucky - and the prices between here and there will vary +/- 8 to 10% - which is typical for small OTC stocks listed in Canada.
This is really bad news for CGR shareholders, myself included. Backstab IMHO.
Leszek, I forgot to mention another possibility. It is possible that CGR shares will be still traded in U.S. over-the-counter (aka pink sheets). In this case stock will get new 5-letter symbol (5, not 4), e.g. something like CGRFF, whatever; and you should be able to trade it the same way as any other stock.
In other words, delisting itself is not the end of world. It is just a flag indicating direction to that destination. One should understand, hopefully (no pun intended) that company would not delist if they could see turnaround (quick turnaround as some optimists probably believed).
In general, I don’t like making predictions about specific stock direction; this is not the most satisfying business, too many uncertainties. However, as mentioned before, CGR has too many red flags around allowing making prediction with very good chance to succeed, like going for low-hanging fruit.
If you keep your shares after delisting event, then your broker should be able to sell them later on Toronto stock exchange. It makes sense to talk with the broker now regarding possible commissions for such transaction.
SASKATOON, Oct. 9, 2013 /PRNewswire/ - Claude Resources Inc. (TSX: CRJ, NYSE MKT: CGR) ("Claude" and or the "Company") today announced its intention to voluntarily delist its common shares (the "Shares") from the NYSE MKT. The Company's shares will continue to trade on the Toronto Stock Exchange ("TSX").
Based on the general tone of the resource sector and the Company's ongoing pursuit to rationalize its corporate expenditures, the Company has decided to delist its Shares from the NYSE MKT. The Company is confident that the listing of its Shares on the TSX will provide sufficient liquidity to maintain an orderly market for its shares. The delisting of Claude Shares from the NYSE MKT will not change the ownership of U.S. shareholders and U.S. shareholders will be able to trade the Shares through the TSX going forward.
Claude delivered notice today to NYSE MKT LLC that it intends to delist the Shares. As disclosed in the notice, Claude expects to file a notification of removal from listing on the NYSE MKT on Form 25 with the U.S. Securities and Exchange Commission ("SEC") on or about October 21, 2013. The withdrawal of the Shares from listing should be effective 10 days after the filing of the notice on Form 25 with the SEC. Accordingly, the Company anticipates that the last day of trading for the Shares on the NYSE MKT will be on or about October 31, 2013. Following delisting of the Shares, Claude will continue to file or furnish reports with the SEC. However, the Company also announced that it intends at a future date, when permitted under SEC rules, to terminate its registration of the Shares with the SEC.
The delisting of the Shares from the NYSE MKT will not affect the listing of the Shares on the
TSX and the Shares will continue to trade on the TSX after the NYSE MKT delisting becomes effective.