Colluli Potash Project developer Danakali Limited’s (ASX: DNK) Board of Directors has approved the company progressing a dual listing on the London Stock Exchange (LSE).
It is expected that the dual listing will be executed within H1 CY2018.
Danakali Managing Director, Paul Donaldson, said the dual listing is in line with the company’s equity strategy which includes effectively mobilising significant UK, European, and Middle East institutional interest, increasing share trading liquidity, and further raising the profile of its Colluli Potash Project.
He said analysis and advice indicates that the LSE is clearly the world’s leading stock exchange for African focused mining companies.
There are currently limited opportunities for exposure to mining companies of Danakali’s size and quality on the LSE, and it is expected that this dynamic will serve to strengthen interest,” Mr Donaldson said.
The company is already working with a select group of UK brokers, legal advisers, and Investor and Public Relations firms, and expects to make appointments in the immediate term.
Mr Donaldson said the Company’s shares will continue to be listed and trade on the Australian Stock Exchange (ASX).
“The ASX is set to remain an important listing jurisdiction for Danakali as it progresses. The company has strong broker support in Australia, has accumulated a substantial retail and high net worth following on the ASX, and has experienced material share price gains since the release of the Colluli Definitive Feasibility Study and completion of project permitting.
Offtake discussions for Colluli are well advanced and running in parallel with funding workstreams and front-end engineering design (FEED) is nearing completion.
“Our ultimate aim is to drive value and optimal outcomes for our shareholders and stakeholders (including our JV partners, ENAMCO), through the successful development of Colluli.
“The company sees the LSE dual listing as a key step to unlocking the investor interest and equity funding required to achieve that goal.”