Mining identity Tony Sage threatens to turn his back on ASX.
Sarah-Jane Tasker From: The Australian April 09, 2010
PERTH mining identity Tony Sage is threatening to de-list two of his companies from the Australian Securities Exchange in favour of the National Stock Exchange, because of ASX moves to stop deals with controversial Romanian entrepreneur Frank Timis.
The ASX has used its "absolute discretion" to effectively block transactions by Perth-based International Petroleum and Global Iron, which have entered into separate deals with two of Mr Timis's private oil and gas companies.
On completion of the proposed transactions, the London-based Mr Timis would become a majority shareholder and non-executive director of both companies.
Mr Sage, chairman of International Petroleum and Global Iron, said if an appeal against the ASX's move to wind back the transactions with Mr Timis's companies failed, he would seek to list the companies on the NSX.
International Petroleum has lodged a prospectus for the NSX listing, which will be followed by an application to list.
Mr Sage said Global Iron could also follow that move.
"Someone told me about the National Stock Exchange and its vision of becoming the big mining bourse in Australia," he said. "I met their officials and they said they can't guarantee anything, but we could lodge a prospectus and if ASIC allows it to go on, they will go through their compliance process."
The ASX advised both companies it would not allow them to maintain their listings if the respective transactions with Mr Timis were completed, because of concerns of control and continuous disclosure.
Both companies have appealed against the decisions and are reserving their rights to take legal action against the ASX.
Through the deals, Mr Timis would emerge with between 47 and 53 per cent of Global Iron and 47 per cent of International Petroleum.
Mr Timis's colourful past includes two charges of heroin possession in his early 20s and his role at Regal Petroleum, which was hit with a pound stg. 600,000 fine by the London Stock Exchange for misleading investors over a potential oil discovery in Greece.
The ASX said it had been determined by the Toronto Stock Exchange that Mr Timis was an unsuitable person to act as a director, officer or major shareholder of a listed company.
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