Queste Communications proposes voluntary ASX delisting, with shareholder vote set for 27 November 2026
Queste Communications Ltd (ASX:QUE) will seek shareholder approval at its AGM on 27 November 2026 for removal from the Official List of the ASX under Listing Rule 17.11A.2. The proposed Queste delisting requires a special resolution of shareholders.
The Notice of AGM and Explanatory Statement are to be despatched to shareholders shortly. The earliest anticipated Delisting Date is before market open on Thursday, 31 December 2026.
For holders, the practical point is timing. Shares can be sold on-market only until the Suspension Date, after which trading in the quoted shares ends.
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Why the Board says delisting is in shareholders’ interests
The Board considers that, on balance, it is in the best interests of the Company for the proposed ASX voluntary delisting to be put to shareholders. It summarised five reasons:
- Small shareholder base: 152 holders as at 23 October 2026, with a historically high number of unmarketable parcel holders.
- Low liquidity: 180k shares (0.7%) traded in the nine months to 30 September 2026, against annual turnover of 506k (1.9%) to 637k (2.4%) over the preceding three years.
- High concentration: the top 20 shareholders hold 91%, and the top four substantial shareholders hold 71.21% in aggregate.
- Cost savings: estimated at approximately $40,000 per annum, covering the ASIC Industry Funding Levy, ASX annual listing fees, ASX CHESS fees, share registry fees, audit fees and accounting and administration costs.
- Valuation gap: market capitalisation has historically not reflected underlying net asset value.
The Company recently completed a minimum holding buy-back of 209,322 shares (0.77% of total issued share capital) held by 70 shareholders (from a total of 221). The total cost was $10,884.75 (excluding expenses), and the shares were cancelled on 24 September 2026.
Substantial shareholders
The table below shows the four substantial shareholders as at 23 October 2026.
| Shareholder | Registered holder | Shares | Voting power |
|---|---|---|---|
| Geoff Wilson and Associates | Dynasty Peak Pty Ltd | **5,391,975** | **20.07%** |
| Yaqoob Khan and Associate | Mr Yaqoob Khan (5,334,069); KYA Pty Ltd (53,325) | **5,387,394** | **20.06%** |
| Farooq Khan and Associate | Mr Farooq Khan (4,921,295); Island Australia Pty Ltd (423,577) | **5,344,872** | **19.90%** |
| Renmuir Holdings Limited | Renmuir Holdings Ltd | **3,003,688** | **11.18%** |
| Total substantial shareholders | n/a | **19,127,929** | **71.21%** |
Trading discount to NTA
At 30 June 2026, the Company reported net tangible asset (NTA) backing of 12.28 cents per share. The volume weighted average price (VWAP) for the year was 5.7 cents, a 54% discount to post-tax NTA backing.
The last sale price on ASX at 23 October 2026 was $0.05 per share.
What delisting means for shareholders
Delisting would end regulation under the ASX Listing Rules. The Company would remain subject to the Corporations Act 2001 (Cth) and its Constitution.
Corporations Act obligations continue
The Company would become an “unlisted disclosing entity” for as long as it has at least 100 members. It would stay subject to continuous disclosure obligations under section 675, audited annual and auditor reviewed half-yearly financial statements, and an AGM each calendar year.
The Chapter 6 takeover provisions would continue to apply for as long as the Company has more than 50 members.
Practical changes
- Shares would cease to be quoted on the ASX, and CHESS-sponsored holdings would convert to the issuer-sponsored certificated sub-register. No action is required from shareholders.
- Shares could be sold only through off-market private transactions, with shareholders needing to identify and agree terms with buyers.
- The Company has no present intention to list on another exchange and can give no assurance that a liquid market will exist.
- The ASX Listing Rules and the ASX Corporate Governance Principles and Recommendations would no longer apply.
- Capital raising would require a full prospectus or a disclosure-exempt placement under section 708 of the Corporations Act.
- The Constitution would otherwise remain unchanged, preserving voting rights, receipt of notices and any dividends that may be paid.
What is a voluntary delisting and what happens to your shares?
A voluntary delisting is a company’s own request to be removed from the ASX Official List. It needs a special resolution, which is a shareholder vote passed by a higher threshold than an ordinary resolution.
An unmarketable parcel is a holding worth less than $500. For this announcement, that means 9,999 shares or fewer at the $0.05 last sale price. ‘Free float’ refers to the portion of shares practically available to trade, which the Board describes as low.
Off-market trading can be harder because sellers must find their own buyers rather than use the exchange. For QUE holders, the choice is between selling on-market before the Suspension Date or holding through to an unlisted structure.
Selling options before and after delisting
Before the Suspension Date, shareholders can sell on-market, subject to there being sufficient market depth. The Company intends, subject to appointing a broker on acceptable terms, to initiate an on-market “10/12 limit” buy-back.
Listing Rule 7.29 allows an on-market buy-back only if trades were recorded on at least 5 days in the previous 3 months. The Company notes the buy-back may therefore not offer a practical opportunity, given the lack of liquidity.
After delisting, shares can be sold only via off-market private transactions. The Company will investigate and potentially engage a third-party Private Trading Platform Service to match buyers and sellers, though there is no assurance it will do so or that liquidity will be sufficient.
The Company does not presently intend to undertake any other share buy-back, though it reserves the right to do so.
What happens next for Queste shareholders
The timetable is indicative only and subject to change. The Company will announce any changes to shareholders on ASX.
| Event | Date |
|---|---|
| Announcement of proposed Delisting | **Monday, 26 October 2026** |
| Announcement of Notice of AGM | **Monday, 26 October 2026** |
| AGM | **Friday, 27 November 2026** |
| Last day of trading in QUE shares (anticipated) | **Tuesday, 29 December 2026** |
| Suspension Date (anticipated) | After close of market on **Tuesday, 29 December 2026** |
| Delisting Date (anticipated, earliest) | Before market open on **Thursday, 31 December 2026** |
The Delisting would occur no earlier than one month after shareholder approval, subject to ASX agreement. If ASX agrees, the Company will announce the confirmed Suspension Date and Delisting Date. The commencement of the On-Market Buy-Back will be announced on ASX, subject to broker appointment.
Further information is available from Victor Ho, Executive Director and Company Secretary, on (08) 9214 9777 or cosec@queste.com.au.
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