LONDON (ShareCast) - (Sharecast News) - Greatland Gold announced on Friday that it has started the UK court process required to implement a corporate reorganisation, ahead of its planned dual listing on the ASX in Sydney.
The AIM-traded firm said the move would see the company restructured under a new Australian-incorporated parent, Greatland Resources Limited, which would seek admission to both the ASX and AIM in late June.

It said the reorganisation would be effected via a UK scheme of arrangement, with shareholder and court approval required.

The company said it expected to dispatch a circular to shareholders on 24 April, following a UK court hearing on 23 April.

Shareholder meetings to vote on the scheme were scheduled for 12 May.

The board said the listing aimed to enhance Greatland's capital markets profile by aligning the group's corporate structure with its operational footprint, all of which is in Australia.

It said it was also expected to improve access to capital, increase institutional ownership, and reduce costs associated with maintaining a UK-based structure for Australian operations.

Subject to approvals, Greatland Resources shares would be listed under the ticker 'GGP' on both ASX and AIM.

A prospectus would be lodged with the Australian Securities and Investments Commission and the ASX, alongside required documentation for AIM admission.

"We are delighted to have formally begun the process today for our listing on the ASX," said managing director Shaun Day.

"The acquisition of Telfer and Havieron, completed in December, immediately transformed Greatland Gold into a leading Australian gold and copper producer.

"We enjoyed significant Australian institutional investor support for our equity raising to fund the acquisition, and Greatland Gold continues to see strong engagement and interest from the Australian market."

Day said it was an "excellent time" to undertake the reorganisation and listing on the ASX, which he described as "the world's premier stock exchange" for metals and mining companies.

"The ASX listing should enhance our capital markets profile and help facilitate increased research coverage and greater institutional ownership to support improved liquidity and interest in our shares.

"While we see the ASX listing as important in supporting the continued growth of long-term shareholder value, we remain committed to the AIM market and shareholders will continue to be able to trade Greatland Resources shares on AIM.

"We look forward to the support of our existing shareholders as we progress the ASX and AIM listing of Greatland Resources."

At 1029 BST, shares in Greatland Gold were up 12.09% at 13.45p.

Reporting by Josh White for Sharecast.com.

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