Looks like it, whether Tom wants it to be or not...... see story below, lifted from today's Mining News. Is it skullduggery? Can anyone explain why and how foreign investors are able to pull a stunt like this? Perhaps the answer is simple, if so could someone explain it to me please....citing pros & cons if possible. TIA, Cheers, Carl.
Ashburton gets unwanted Frankfurt listing Michael Quinn Monday, November 17, 2003 SHARES in gold hopeful Ashburton Minerals can now be traded on the Frankfurt Stock Exchange after German investors instigated the listing last week - unbeknown to the Australian junior.
Ashburton said the listing happened despite its objection, with the company first notified last Thursday by a Swiss investment advisor that the listing on the Frankfurt board was about to occur.
Ashburton said subsequent queries had revealed that the securities of a foreign company could occur on the Frankfurt board at the request of local (German) investors, with the proviso that the foreign company maintains a valid listing on a recognised stock exchange in its domicile country.
Shares to the value of 72,194 euro were traded on the first day, closing at E0.12 - equivalent to 19.2 cents. The stock had closed at 16.5 cents on the ASX immediately prior to the trading in Europe, before rising the following day on the ASX to 19 cents and closing at 18.5 cents.
Ashburton's Wirralie project in Queensland's Drummond Basin was acquired earlier this year from Placer Dome.
The project includes an 83,400 ounce oxide resource, a refractory sulphide resource of 4.1 million tonnes grading 2.3gpt gold for a contained 297,000oz, and a mill with annual capacity of 1.5Mt.
The company hopes to bring the project into production next year for less than $2 million.
ATN Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
