Greatland launches RetailBook offer ahead of ASX listing
Greatland Gold announced on Monday that Australian entity Greatland Resources, has launched a conditional retail share offer in the UK via the RetailBook platform, giving both existing and new retail investors the opportunity to subscribe for new shares ahead of the company’s planned dual listing on AIM and the Australian Securities Exchange.
The AIM-traded firm said the offer formed part of a broader corporate restructuring in which Greatland Gold would become a subsidiary of the newly-incorporated Australian holding company Greatland Resources.
Under the scheme of arrangement, shareholders in Greatland Gold would receive one new share in Greatland Resources for every 20 shares currently held.
Subject to court and regulatory approvals, shares in Greatland Resources were expected to start trading on AIM on 23 June and on the ASX from 24 June.
The RetailBook Offer was separate from the AUD 50m (£23.94m) Australian primary offer and associated secondary sale of shares by Newmont, which would target institutional and retail investors in Australia and select jurisdictions.
Greatland said the UK retail offer, priced in sterling and linked to the final offer price in the Australian offering, was open to applications of £250 or more through platforms including AJ Bell, Hargreaves Lansdown and Interactive Investor.
Proceeds would be used for general working capital purposes.
The company said it intended to prioritise allocation to existing shareholders in the event of oversubscription.
It said the offer was conditional on completion of the wider Australian listing process, with the board adding that the ASX listing would broaden its access to capital, improve liquidity and support its growth strategy in Australia.
At 1100 BST, shares in Greatland Gold were down 1.41% at 14p.
Reporting by Josh White for Sharecast.com.