Interesting to note that 47% of KZA shares are now listed on the...

Interesting to note that 47% of KZA shares are now listed on the NASDAQ via ADR's (up from 39%). Should this threshold increase to over 50%, then KZA will lose its Foreign Issuer Status and will have to comply with a full listing on the NASDAQ.

The ATM facility has been established in the US. I don't think that it would take a large new share issue in the US to breach the 50% mark (unless KZA buys back ADR's and converts them to shares on the ASX).

Keen to see how this plays out.