Natural resource exploration and development company Greatland Gold is preparing for a cross-listing on the Australian Securities Exchange (ASX).
Greatland Gold has its headquarters in London, United Kingdom, while its operations are based in Australia.
The company is applying for a cross-listing on the ASX to simplify its Australian operations, allowing for greater flexibility to pursue growth initiatives such as farm-ins and joint ventures.
Greatland owns multiple projects in Australia such as the Havieron gold-copper mine, the Juri gold-copper project and the Bromus gold, nickel, volcanogenic massive sulphide project.
Last year, Wyloo Metals spent $60 million to purchase an 8.6 per cent stake in the UK gold company. The equity funding made Wyloo Greatland Gold’s largest shareholder.
As part of the company’s objective to be listed on the ASX, Greatland is evaluating a corporate reorganisation. This would involve the Greatland Group sitting under a new parent company incorporated in Australia.
Greatland said the reorganisation would support:
- a better alignment of Greatland’s corporate structure with its assets and operations
- reduced costs and complexity associated with Greatland owning assets and conducting operations in Australia while being domiciled in the UK
- a greater flexibility to pursue growth initiatives
- an increased institutional ownership of Greatland, as certain institutional investors may be more attracted to invest in Greatland as an Australian domiciled and dual ASX and AIM-listed company.
Greatland managing director Shaun Day said the company has an ambitious growth agenda.
“While we consider that a listing on the ASX is important to supporting the creation of long-term shareholder value, the UK remains an important market for Greatland and accordingly our shareholders will continue to be able to trade on the LSE’s AIM,” Day said.
The cross-listing is expected in the September quarter of this year.