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Avocet Mining PLC (AVM)

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Thursday 27 May, 2010

Avocet Mining PLC

Approval for listing on the O

RNS Number : 6685M
Avocet Mining PLC
27 May 2010
 



 

 

Approval for listing on the Oslo Stock Exchange

 

Avocet Mining PLC ("Avocet" or the "Company") announces that it has received approval for the listing of its shares on the Oslo Stock Exchange. The approval is conditional on:

·     approval of the listing prospectus by Finanstilsynet (the Norwegian FSA); and

·     satisfying the minimum number of shareholders in the Norwegian electronic security register of 500 lots each with a value of NOK 10,000 or more, which is a requirement for being listed at the main board of Oslo Stock Exchange.

 

These conditions are expected to be satisfied by mid-June 2010.

 

 

For further information please contact:

 

Avocet Mining PLC
Buchanan Communications
Ambrian Partners Limited
J.P. Morgan Cazenove
Arctic Securities
First Securities
 
Financial PR Consultants
NOMAD and Joint Broker
Lead Broker
Financial Adviser
Financial Adviser
Brett Richards, Interim CEO
Mike Norris, FD

Hans-Arne L'orange, EVP Business Development & Investor Relations

Bobby Morse

Katharine Sutton

Richard Brown

Richard Greenfield

Michael Wentworth-Stanley
Anish Patel

Arne Wenger

Kim Galtung Døsvig

Stein Hansen

Eirik Lilledahl

 

+44 20 7766 7676

+44 20 7466 5000

+44 7802 875227

+44 20 7634 4700

+44 20 7588 2828

+47 21013100

+47 2323 8000

www.avocet.co.uk

www.buchanan.uk.com

www.ambrian.com

www.jpmcazenove.com

www.arcticsec.no

www.first.no

 

 

 

Notes to Shareholders

 

Current shareholders should be aware that the OSE is a regulated market for UK tax purposes, and Avocet shares will therefore no longer be considered as "unquoted" within the UK tax regime from the date of listing. One likely consequence is that Avocet shares will no longer qualify for UK Inheritance Tax Business Property Relief. However, it is possible that Avocet shares will qualify for inclusion in certain UK tax-efficient savings structures, such as ISAs from the date of listing.

 

As a "host" exchange, the OSE will require Avocet to comply with its continuing Disclosure regime (which is largely equivalent to that on AIM).   The regulation of a take-over situation will be "split" between Norway and the UK. Issues relating to the securities law aspects of the offer (including offer price, offer period, offer procedure, information on the bidder's decision to make a bid, the content of the offer document, the publication of the bid) will be subject to Norwegian regulation, but issues relating to the company law aspects of the offer (including information to be provided to employees and thresholds that trigger the offer) will be subject to UK regulation.

 

Please note that neither Avocet nor its advisors are able to offer tax, legal, accounting or other professional advice. Shareholders unsure of their position in respect of tax or other financial aspects should consult their own professional advisers.

 

Notes to Editors

 

Avocet Mining PLC ("Avocet" or "the Company") is a gold mining company listed on the AIM of the London Stock Exchange (Ticker: AVM). On 27 April 2010 the Company announced that it had submitted an application for listing on the Oslo Stock Exchange and now expects to list in the second half of June 2010.  The Company's principal activities are gold mining and exploration in Burkina Faso (as 90 per cent owner of the Inata gold mine), Malaysia (as 100 per cent owner of the Penjom gold mine, the country's largest gold producer) and Indonesia (as 80 per cent owner of the North Lanut gold mine and Bakan project in North Sulawesi).

 

The Company recently announced that it had initiated exploration within the Inata Mining License area and in the surrounding Belahouro district with the objective of significantly increasing Inata's resource and reserve base as well as investigating the highly prospective Souma Trend.  The Company has a number of other advanced exploration projects in West Africa and South East Asia.

 

Background to operations

Inata has a resource of 1.7 million ounces and reserves of 932,000 ounces.  Inata poured first gold in December 2009 and is currently ramping up to full production rates in excess of 10,000 ounces per month. Other assets in West Africa include exploration licences in Burkina Faso, Guinea and Mali (the most advanced being the Tri-K gold exploration project in Guinea with a resource of 666,500 ounces).

 

Penjom is Malaysia's largest gold mine and was developed by Avocet after applying modern technology to grass roots exploration in an area of historic alluvial mining. The mine is located in Pahang State, approximately 120 km north of the country's capital, Kuala Lumpur.

 

North Lanut in North Sulawesi, Indonesia, was developed by Avocet from the exploration stage and has produced over 300,000 ounces since it was commissioned in 2004.  North Lanut is located within a Contract of Work which includes exploration and mining rights over approximately 50,000 hectares in an area highly prospective for gold.  Avocet holds an 80 per cent interest and an Indonesian company, PT Lebong Tandai, owns the remaining 20 per cent.

 

Competent Person Statement

All references to Mineral Resources and exploration results have been reviewed and approved for release by Mr Peter Flindell, BSc (Hons) MAusIMM, Executive Vice President - Exploration for Avocet, who has more than 20 years experience in the field of activity concerned. Mr Flindell is a Competent Person as defined by the JORC Code (2004) and a Qualified Person as defined by National Instrument 43-101. He has consented to the inclusion of the technical information in this announcement in the form and context in which it appears.


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