PERTH businessman Tony Sage is eyeing an overseas listing with International Goldfields, with London and Canada tipped as preferred markets. Mr Sage, who is the executive chairman of the company, said following a shareholder vote in November to change the group’s name to International Petroleum, he would target a dual listing by March next year.
“We want to be able to broaden the investor base,” he said.
“International Goldfields is solely an Australian-based shareholders in the existing structure.”
Mr Sage, who is also executive director of Cape Lambert Iron Ore, said since the recent announcement of a deal with controversial Romanian-Australian businessman Frank Timis’ Eastern Petroleum, there has been 20 million of the company’s shares traded, with the majority going to overseas investors.
The $152 million deal will see Eastern take close to an 80 per cent stake in International Goldfields, which will receive a 50 per cent interest in the Alakol Basin licence block in Kazakhstan.
“Overseas investors don’t like buying Australian stocks, so you either list over there or they ignore you,” he said.
“The UK market is a good market for oil and gas.”
Most of the 20 million shares go to overseas investors and then you say overseas investors don't like buying Australian stocks. Which is it Tony???
IGC Price at posting:
30.5¢ Sentiment: Buy Disclosure: Not Held
