Document Actions
OceanaGold to form new Canadian holding co. New Oceana
12 June 2007 - OceanaGold Ltd has announced it is to form a new Canadian holding company, OceanaGold Corporation (“New Oceana”) as part of seeking listing on the Toronto Stock Exchange.
OceanaGold chairman Jim Askew said in a letter to shareholders that the board of directors is seeking approval to “re-domicile” from Australia to Canada and list on the Toronto Stock Exchange.
The proposed restructure would benefit the company by giving it greater access and exposure to the North American capital markets, Mr Askew said.
A new Canadian holding company, OceanaGold Corporation trading as New Oceana would be formed.
OceanaGold Ltd will become a wholly owned subsidiary of New Oceana and OceanaGold Ltd will cease to be listed in Australia and New Zealand. In its place, New Oceana will list on the Toronto Stock Exchange, the Australian Stock Exchange and the New Zealand Exchange.
OceanaGold shareholders would receive one New Oceana share for every five OceanaGold shares.
This consolidation of shares is proposed because Canadian market practice generally is to have smaller numbers of higher value securities than is common in Australia.
If shareholders approve the share scheme the proposed last day of trading of OceanaGold shares on ASX and NZX is 19 June together with listing of New Oceana.
Source: OceanaGold
