Trans-Tasman Resources pushes out ASX backdoor listing by a month, appeal looms
By Paul McBeth
April 12 (BusinessDesk) - Ironsands miner Trans-Tasman Resources has delayed its planned reverse listing on the ASX by a month, giving it more time to prepare for the Manhattan Corp shareholders meeting where the deal will be decided.
ASX-listed Manhattan has agreed with TTR to push out the end date for the transaction to June 30 from May 31, to "allow further time for the preparation of meeting materials for the proposed meeting of Manhattan shareholders to approve the transaction," director Marcello Cardaci said in a statement yesterday. The merger is effectively a backdoor route for TTR to list on the ASX, using an entity associated with the ironsands miner's chair Alan Eggers.
TTR has consent to mine iron sands from the ocean floor in New Zealand's Exclusive Economic Zone in the South Taranaki Bight. The project aims to extract 50 million tonnes of seabed material a year to export up to 5 million tonnes of iron sand per year and is expected to generate an annual $400 million in export revenue.
The deal relies on TTR seeing off appeals to the project, and New Zealand's High Court in Wellington will hear an application opposing the proposed mining operation between April 16 and April 18.
Manhattan shares last traded at 2 Australian cents on the ASX, having dropped 23 percent so far this year.