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- Release Date: 16/07/12 14:55
- Summary: GENERAL: CRP: Chatham well advanced with TSX.V dual listing plans
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CRP
16/07/2012 12:55
GENERAL
REL: 1255 HRS Chatham Rock Phosphate Limited
GENERAL: CRP: Chatham well advanced with TSX.V dual listing plans
16 July 2012
Chatham Rock Phosphate well advanced with TSX.V dual listing plans
Chatham Rock Phosphate is planning to seek a dual listing of CRP shares on
the Toronto Stock Exchange secondary (venture) board (the TSX.V).
Directors have resolved to adopt this approach, which effectively separates
the listing process from the normally associated financing, usually described
as an Initial Public Offer or IPO.
CRP has sufficient shareholders required to dual-list on a number of overseas
exchanges without undertaking an IPO.
"Adverse market conditions still prevailing in overseas markets continue to
delay the company's earlier decision to undertake an IPO," Managing Director
Chris Castle said. "However the directors remain determined to provide a more
efficient market for the company's shares."
Mr Castle said the Canadian market is the most logical market to join, given
the number of fertiliser companies already listed there.
"It will provide access to an investor market familiar with our industry and
provide investors with a basis for comparison."
The process to dual list requires the filing of an application, the
preparation of both an information memorandum similar to a prospectus and a
technical report. As these reports were already being prepared in mid 2011 in
anticipation of the IPO, they simply require updating, and this process is
now well underway.
"We are also discussing, with a number of parties, the appointment of a
broker sponsor who will also need to prepare a report.
"The dual listing should make it easier to continue to source funding by
means of private placements in the short term. We still intend to undertake
an IPO when market conditions improve," Mr Castle said.
A number of other New Zealand companies are listed or intend to list on the
TSX.V.
Chris Castle - Managing Director CRP - +64 21 55 81 85 or
[email protected]
End CA:00224975 For:CRP Type:GENERAL Time:2012-07-16 12:55:43
