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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news