Fonterra Shareholders Fund (ASX:FSF) said that its manager FSF Management submitted a formal application for its removal from the Australian Securities Exchange's (ASX) official list, proposing that its shares be suspended from trading on ASX at the close of trading on Feb. 25, according to a Wednesday filing with the Australian and New Zealand bourses.

FSF Management seeks to consolidate the fund's primary listing on New Zealand's Exchange (NZX) main board from Feb. 28.

The ASX has given in-principle advice that it will agree to the request for removal if it satisfies certain conditions, which the firm said it plans to do. It will give shareholders at least one month's notice before its shares are removed from the ASX.

Fonterra Shareholders said the secondary listing on the ASX imposes additional corporate and administrative costs as well as compliance obligations, which its manager does not consider in the best interests of its shareholders.

The fund's manager considers that consolidating its primary listing on the NZX would be beneficial to liquidity and that a significant majority of its shareholders are based in New Zealand.

The fund's shares were up almost 1% in recent Wednesday trade in New Zealand.

Price (AUD): $4.68, Change: $+0.0100, Percent Change: +0.21%