Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Chatham Rock plans listing on London AIM exchange

Chatham Rock plans listing on London AIM exchange within three months

Feb. 26 (BusinessDesk) - Chatham Rock Phosphate, which is developing a project to mine phosphate from the sea floor for use as fertiliser, is planning a rights issue for existing shareholders in March, and expects to list on London’s AIM market after several UK investors signalled they would back the venture.

The company will make “a very attractively priced rights issue to existing shareholders” on March 14, which will be tradable and renounceable, it said in a statement. That comes after managing director Chris Castle met with several investment groups in the UK who indicated their interest in investing in Chatham Rock via a private placement, subject to the firm taking a secondary listing in the UK.

“Accordingly the CRP board has agreed to proceed with the AIM listing process, which is expected to take only two to three months to complete (as there is no associated public offering),” it said.

In December, the company was granted a 20-year mining permit to extract phosphate nodules from an 820 square kilometre area of the Chatham Rise under the Crown Minerals Act, the first step in securing approval to embark on its plan.

Chatham Rock still needs a marine consent from the Environmental Protection Authority under new law governing New Zealand's 200 nautical mile exclusive economic zone. It has yet to lodge an EEZ resource consent application.

The NZAX-listed shares gained 3.5 percent to 30 cents, and have shed 6.5 percent this year.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news