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

 

Auckland Port Study: Port To Ship Out – No Departure Date

Interest groups in Auckland and its waterfront chose a group of representatives to determine the future of the port. Their consensus is that the Port is going to have to move but not before a credible location is confirmed... More>>

ALSO:

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news