International Petroleum set for NSX listingThe West Australian...

International Petroleum set for NSX listing
The West Australian May 26, 2010, 8:58 am

International Petroleum has received conditional approval to list of the National Stock Exchange after its bid to backdoor list Frank Timis' Eastern Petroleum was rejected by the ASX.

International Petroleum said it was reviewing conditions set out by the NSX with the aim of listing on Australia's alternative stock exchange as soon as practicable.

Shareholders are expected to consider the Eastern Petroleum acquisition, a $30 million placement and the delisting of the company from ASX at its annual general meeting on June 3.

Chairman Tony Sage described the NSX approval as a significant result for the company.

The ASX has twice rejected Mr Sage's efforts to backdoor list Eastern Petroleum arguing a company controlled by Mr Timis would not meet continuous disclosure rules.
The NSX has less onerous entry requirements than the ASX including a shareholder spread of just 50 and a minimum market capitalisation of only $500,000.

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