1. Overview of dual listed Australian resources companies ... 2
2. Results of the Survey ... 4
3. General commentary ... 7
4. Overview and findings of individual foreign markets ... 7
5. Additional resources ... 9
- Annexure 1 - Summary of Requirements for Foreign Markets ... 10
- Annexure 2 - Alternative Investment Market ... 11
- Annexure 3 - OTC and OTCQX ... 13
- Annexure 4 - Toronto Stock Exchange ... 15
- Annexure 5 - TSV Venture Exchange
Over the past decade, approximately 10% of all Australian resources companies listed on the Australian Securities Exchange have sought a dual listing overseas, particularly on AIM (Alternative Investment Market of the London Stock Exchange), TSX (Toronto Stock Exchange), OTC or OTCQX.
AIM was established in 1995 and became attractive to exploration companies in the mid-2000s. TSX became more attractive to Australian resources companies in 2007 principally due to the focus of TSX on resources companies and greater risk tolerance for projects in developing countries by North American investors compared to Australian investors. Since OTCQX was established in 2007, it has become increasingly popular due to the ability to access US investors at a lower cost and lower compliance burden and, as a result, now hosts more Australian resources companies than any other foreign market.
Over the past year, management at several ASX-listed resources companies have been seeking guidance from us and others on whether to have a dual listing or quotation and, if so, which market may be most appropriate for their company.
In July 2012, we developed and emailed a survey to Australian resources companies that have a primary listing on ASX and a listing on another stock exchange (eg, AIM or Toronto Stock Exchange) or quotation on an over-the-counter market (eg, OTC or OTCQX).
This report provides an analysis of such dual listed Australian resources companies and the results of the survey. It is designed to provide information to ASX-listed resources companies considering a dual listing and provide feedback to existing dual listed companies.
Please see full publication below for more information.