Microsoft Word - AU-#5339251-v1-RQL_Announcement_re_Delisting_Application.docx


14 April 2015
By ASX online platform Companies Announcement Office ASX Limited
Level 40, Central Park
152-158 St Georges Terrace
PERTH
WA 6000

FORMAL REQUEST FOR REMOVAL FROM OFFICIAL LIS T OF ASX

Resource Equipment Limited (Company) refers to its announcement of 24 March 2015 in relation to the in-principle approval granted by Australian Securities Exchange (ASX ) in respect of the Company's request for removal from the official list of ASX (In-Principle Anno uncement).
Following the Delisting resolution being
approved at
the General Meeting,
the Company today
submitted a formal request with ASX for its removal from the official list of ASX .
As set out in the Notice of Meeting and Explanatory Memorandum released b y the Company on 13
March 2015 (Notice of Meeting), the Company's reasons for seeking removal from the official list include:
 low liquidity in trading of the Company's shares;
 small spread of shareholdings;
 cost of maintaining an ASX listing; and
 likely inability for the Company to raise capital from new o
Pump Services, LLC or Mr Loddie Naymola.
existing sh areholders other than
As noted in the Notice of Meeting, the Company's following implications for shareholders:
removal from the offici al list will have the
 shares will no longer be capable of being traded on ASX which impacts the liquidity of the shares;
 any subsequent transfer of shares will need to be completed off-market;
 the Company would no longer have the ability to raise capital from the issue of securities on the ASX; and

 shareholders will no longer enjoy the legal protections provided to shareholders of listed entities under the ASX Listing Rules, such as the need for continuous disclosure, restrictions
on the issue of share capital, financial reporting requirements, and the need to address ASX Corporate Governance Principles and Recommendations.
The Capital Reduction has today been approved by the requisite majorities of the Company's shareholders at the General Meeting and Special Meeting. The Company will proceed to:
 cancel all of the shares of the Small Shareholders (which are not sold under the Buy-back referred to below) on or around 29 April 2015;
 pay each such Small Shareholder A$0.26 per share in cash on or around 29 April 2015; and
 conduct an on-market Buy-back of its shares at A$0.26 per share for 3 trading days commencing tomorrow and concluding at 4:00pm Sydney time on Friday 17 April 2015. The sale of shares pursuant to the Buy-back may incur brokerage costs. Please refer to the Notice of Meeting for the tax implications of the cancellation of your shares through the Capital Reduction versus the Buy-back.
As detailed in the In-Principle Announcement, the ASX has set out certain conditions which the Company must satisfy before formally approving the Company's request to delist. The Company confirms that all such conditions have now been satisfied and expects to be removed from the official list on 15 May 2015.
Unless otherwise defined, all terms defined in the Notice of Meeting, have the same meaning when used in this announcement.

Enquiries

Mr. Michael Kenyon
Company Secretary
Resource Equipment Limited
(08) 6141 6500

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