Glencore sets Oct. 14 date for Australian market debut
It aims to leverage Australia's A$4.4 trillion pension market for copper expansion and acquisitions.
Glencore (LON: GLEN) expects to begin trading on the Australian Securities Exchange (ASX) on Oct. 14, tapping the country’s A$4.4 trillion ($3.1 trillion) pension market to support its copper expansion and potential acquisitions.
The secondary listing, announced in August , has met all regulatory requirements and will trade under the ticker GLC, the Swiss miner and commodities trader said Thursday . It will not involve a capital raise or the issuance of new shares.
Each Australian-listed CHESS Depositary Interest (CDI), which allows investors to trade shares of a foreign company locally, will represent one Glencore ordinary share. The London-listed miner has appointed Computershare Investor Services to manage its Australian CDI register.
CEO Gary Nagle said when the listing was announced that investors had shown strong interest in an Australian presence, particularly after Glencore’s failed merger discussions with Rio Tinto (LON: RIO; ASX: RIO) earlier this year.
Glencore has spent years weighing alternative listing venues, including New York, and previously considered spinning off its coal business before abandoning the plan.
Shareholders in the UK and South Africa can begin requesting conversions of their ordinary shares into Australian-listed CDIs from Sept. 24, ahead of the planned October trading debut, the company said.
More than 6,500 meters of drilling have been completed at the Homer project, with multiple drill intercepts grading more than 2,000 ppm total rare earth oxides.
