Greatland Gold PLC (AIM: GGP, OTC: GRLGF) saw its shares climb around 13% on Friday after announcing plans to pursue a dual listing on the Australian Securities Exchange (ASX), reinforcing its position as a rapidly expanding player in the gold mining sector.
As part of this strategic move, the company will consolidate capital and implement a significant restructuring to establish a new corporate framework.
A new Australian-incorporated parent company, Greatland Resources, will be formed. This entity will sit at the top of the group structure, with Greatland Gold and other subsidiaries operating beneath it.
Under the proposed restructuring, shareholders will receive one new Greatland Resources share for every 20 Greatland Gold shares they currently hold.
The company’s three largest shareholders—Newmont, Wyloo, and Tembo Capital—who collectively own approximately 35% of the company’s share capital, have committed to supporting the proposal.
The remainder of the shareholder base, which includes a significant number of retail investors, will be asked to vote on the restructuring and dual-listing plans at an Extraordinary General Meeting (EGM) scheduled for 12 May. If approved, the ASX listing is expected to take place in June.
“We are delighted to have formally begun the process today for our listing on the ASX,” said Greatland Managing Director Shaun Day.
Day noted that the company was “immediately transformed” following its acquisition of the Telfer mine in December and the consolidation of ownership in the Havieron project, positioning Greatland as a major Australian gold and copper producer.
Greatland Gold and Greatland Resources have appointed Simmons & Simmons LLP as its English law legal advisor, and King & Wood Mallesons as its Australian law legal advisor, in respect of the Reorganisation, ASX Listing of Greatland Resources and Greatland Resources’ admission to AIM.
Comment: Given that the gold price is soaring, and after last month’s “outstanding” MRE, recent week’s have been like falling off a log for GGP. The latest moves towards the ASX cross listing amount to the icing on the cake.
