Some thoughts on MIIF At least one video I'd seen had MIIF indicating a local Ghanian stock exchange listing was something they were looking for as part of the deal. This is problematic because the Ghana stock exchange is on life support and the mining sector on the Ghana exchange is all but non-existent. In total there are only 36 stocks listed on the exchange and trading/value traded stats are dominated by the top few. Over the whole month of April 2023 the mining sector had 15 trades for 5,030 shares. The value traded was G$14,714 or about A$2,000. Just to confirm, that's a monthly trading stat for all mining companies on the exchange, not a 1hr trading stat for one company. The Manufacturing sector wasn't much better.
This basically dead stock exchange creates a Catch-22 situation. Listing on an exchange like this would adds zero value to Atlantic and is probably value negative as it takes liquidity away from somewhere else while adding additional compliance costs.
I can see why MIIF wants to see why the companies it plans to make an investment into listed on the Ghanian exchange as it tries to grow this limb of the economy. It is however quite a big rat to swallow to get the investment and may be something Atlantic just doesn't want to do unless it is absolutely necessary to progress the project. With an OTC American, AIM and ASX listing option, if individuals from Ghana wanted to buy into Atlantic, they have options. A local broker coordinating the process of locals investing through one of the other exchanges is probably a better initial solution than a near-term Ghanian exchange. If this established a critical mass of Ghanian shareholders a listing could then be explored.
A11 Price at posting:
59.0¢ Sentiment: Buy Disclosure: Held
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