CRP to list on London AIM market

Last updated 05:00 27/02/2014

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A number  of wealthy groups have expressed interest in investing in Wellington-based Chatham Rock Phosphate (CRP) when it lists on the London AIM market.

AIM is the secondary market of the London Stock Exchange for smaller growing companies.

CRP chief executive Chris Castle said because there was no associated public offering with the secondary listing it was expected to take between two to three months to complete.

"I met about 15 different groups [on a recent visit to Britain]. They had already been vetted and they wanted to meet me and were interested in what we are doing.

"There was a strong flavour that our stock needed to be listed on a more accessible market . . . hence the decision to go for the AIM listing. We are not doing an IPO [initial public offering]. We are getting to a market place were people are happy to get out their chequebooks."

NZX-listed CRP holds a 20 year mining permit, issued last year, to vacuum the sea floor for phosphate nodules from an 820 square kilometre area of the Chatham Rise.

It has applied for new prospecting licences both east and west of its existing licence areas.

The company is finalising its environmental impact assessment for its Marine Consent application, which it needs from the Environment Protection Authority, before it can start operations.

Castle expects the application to be filed by the end of March, to be formally accepted by the authority in April, and all going well to have the licence no later than early November.

The AIM listing is part of a drive to raise $6 million to fund the consent application.

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- BusinessDay

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