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Intention to seek a Dual Listing on the ASX

8th Dec 2011 07:00

RNS Number : 5589T
Beacon Hill Resources plc
08 December 2011
 



Beacon Hill Resources Plc / Ticker: BHR / Index: AIM / Sector: Mining

8 December 2011

Beacon Hill Resources Plc ('Beacon Hill' or 'the Company')

Intention to seek a Dual Listing on the Australian Securities Exchange

 

Beacon Hill, the AIM listed coking coal producer, is pleased to announce the Company's intention to seek a dual listing on the Australian Securities Exchange ('ASX') in line with Beacon Hill's corporate strategy to enhance its market exposure and generate wider investor interest. The dual listing will be by way of a compliance listing as a foreign entity, with no funds being raised. The Company will continue to be quoted on the AIM market of the London Stock Exchange under the symbol BHR (and this will remain its primary listing).

 

Justin Lewis, Chairman of Beacon Hill, commented, "We believe that the dual listing of Beacon Hill on the ASX is a logical step in the Company's corporate development and will provide Beacon Hill with access to a broader capital market base with a strong understanding of resources. This will be a compliance listing with no new funds being raised or shares issued.

 

We continue to build value in the Minas Moatize Coal Mine with a maiden shipment of coal shortly, as we advance towards initial production of coking coal in Q1 2012. We believe that a dual listing will enable us to leverage off the Australian investment community's knowledge of comparable Mozambican coal projects such as Rio Tinto's Benga and Zambeze projects, formerly owned by ASX listed Riversdale Mining Limited."

 

Beacon Hill is making strong progress at both the Minas Moatize Coal Mine in Mozambique and the Arthur River Magnesite Project in Tasmania in line with its strategy to build resource assets in commodities associated with the steel industry. The Board believes that a dual listing of the Company will provide Beacon Hill with:

1. Access to a broader capital market base;

2. Access to a market that has a strong resource focus;

3. The opportunity to leverage off Australian investors' understanding of coal projects and knowledge of other existing Mozambican coal projects such as Rio Tinto's (formerly owned by ASX listed Riversdale Mining Limited) Benga and Zambeze projects; and

4. A trading platform for existing Australian resident shareholders.

 

Following admission to the official list of the ASX, CHESS Depository Interests ('CDIs') will be traded on the ASX. Each CDI is expected to represent one fully paid ordinary share in the capital of the Company. Ordinary Shares will continue to be traded on AIM.

 

A Notice of General Meeting has been posted to shareholders and is available on the Company's website at www.bhrplc.com. The purpose of the General Meeting will be to consider and, if thought fit, approve amendments to the Company's Articles of Association, which are primarily being made to comply with the ASX Listing Rules. A copy of the proposed amendments to the Company's Articles of Association is also available on the Company's website.

 

The General Meeting will be held at the offices of Memery Crystal LLP, 44 Southampton Buildings, London WC2A 1AP at 9.30 a.m. on 23 December 2011.

 

Application for Admission to the ASX

The Company intends to make the ASX listing application within the first quarter of 2012, with a view to the commencement of trading of CDIs thereafter. There can be no guarantee that the ASX listing application will either be made or accepted by the ASX.

 

As part of the proposed ASX listing application, the Company will publish an Information Memorandum prior to the date of listing. Once published it will be available to shareholders at the registered office of the Company and on the Company's website at ww.bhrplc.com.

 

**ENDS**

 

For further information on the Company, visit www.bhrplc.com or contact:

Justin Lewis

Chairman, Beacon Hill Resources Plc

+61 (0) 3 9627 9910

+61 439 162 369

Timothy Jones

Finance Director, Beacon Hill Resources Plc

+44 (0) 1372 464549

+44 (0) 7966 442985

John Prior

Collins Stewart Europe Limited

+44 (0) 20 7523 8350

Sebastian Jones

Collins Stewart Europe Limited

+44 (0) 20 7523 8350

Jeremy Wrathall

Renaissance Capital Ltd

+44 (0) 20 7367 8273

Hugo de Salis

St Brides Media & Finance Ltd

+44 (0) 20 7236 1177

Susie Geliher

St Brides Media & Finance Ltd

+44 (0) 20 7236 1177

 

Notes

Beacon Hill Resources Plc is an AIM-listed resource company that is focused on building a portfolio of near-term production projects in commodities relating to the steel production industry. Beacon Hill has two key assets: the Minas Moatize Coal Mine in the globally significant coking coal region of the Moatize Coal Basin in Mozambique; and the Arthur River Magnesite Project in Tasmania, Australia.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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