BLACK-controlled junior miner Petmin will list on London’s Alternative Investment Market (AIM) next month, and is still on the acquisition trail, says CE Jan du Preez.
“We are looking to list on AIM in the second week of December,” Du Preez said this week. “We are waiting for Reserve Bank approval.”
At the end of August the company announced approval in principle from the South African Reserve Bank for it to seek a secondary listing on AIM.
The main objective of a secondary listing is to acquire an alternative platform should Petmin want to acquire international assets as some vendors prefer paper listed in London to the JSE.
A few weeks ago shareholders approved the listing and gave management the right to issue new shares. “We are looking to issue between 5% and 15% in new shares,” said Du Preez, who was preparing to leave for London on Monday night to finalise details.
While the company is not in need of cash, Du Preez told journalists on a mine visit recently that the issue was recommended by its UK advisers to increase tradability and exposure.
The company generated a net R61m in cash in the year to June, and had a cash balance of R70,1m by year-end. During the same mine visit, Du Preez said acquisitions had been considered recently, but that they were not concluded.
He said this week that his company was still looking for assets to complement one silica and two anthracite operations that Petmin already owns. Petmin’s shares were trading 4% lower at 144c at the close of trade on the JSE yesterday after 30000 shares changed hands in four deals.
© 2009 Petmin Limited