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(Sharecast News) - Greatland Resources started trading on the Australian Securities Exchange (ASX) on Tuesday, marking a significant milestone in its dual-listing strategy.
The company's ordinary shares were now listed on both the ASX and London's AIM market, following the successful implementation of its cross-border corporate restructuring.
Its ASX debut came after the completion of the scheme of arrangement between Greatland Gold and its shareholders, with trading on the ASX beginning on a normal settlement basis.
The board said the move was intended to enhance access to Australian capital markets and strengthen the company's visibility among domestic investors.
In connection with the restructuring, Greatland also confirmed the issue of 17,631,000 replacement warrants to Wyloo Consolidated Investments.
They reflected the 20-to-one consolidation ratio applied under the scheme, and replaced 352,620,000 legacy warrants previously held in Greatland Gold, which were cancelled as part of the process.
The replacement warrants would be exercisable at AUD 4.1434 per share, representing the agreed Australian dollar equivalent of £2.00 per share, calculated based on the exchange rate as at the business day prior to the scheme's implementation.
At 1307 BST, shares in Greatland Resources were down 1.43% at 345p.
Reporting by Josh White for Sharecast.com.
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