AGM, page-326

The following is from:

http://citadelmagnus.com/going-global-the-benefits-and-challenges-of-dual-listings/

Certain global exchanges are more conducive to particular commodities and asset locations based upon sharing similar social, economic and political environments or they have a natural proximity to asset locations or an established history of successful peer operations. These exchanges offer resources companies access to investors who are perceived to have a better appreciation for particular assets and therefore – at least in theory – prescribe greater value to the company on market.

What are the advantages and challenges of being dual listed?

Advantages

• Access to a larger pool of potential investors (both retail and institutional)
• Increased liquidity derived from operating in more than one market
• Greater access to capital, particularly in larger markets such as Europe or North America
• Ability to ‘tap in to’ different markets at different times, depending on macroeconomic conditions etc.
• More relevant peer and/or comparative market
• Increased opportunities for mergers and acquisitions
• Higher public profile

Challenges

• Initial listing costs associated with a second listing
• Ongoing costs associated with a second listing
• Increased liability given different regulatory requirements
• Increased demands on management – time commitment for marketing etc.
• Complications with different clearing systems, are shares fully fungible
• Practicalities of cross-market releases (different time zones)
• Requirement for additional advisers, overseas based directors.