12/01/2006 - 13:50

AIM listing awaits Tethyan

12/01/2006 - 13:50

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It's business as usual at takeover target Tethyan Copper Ltd, which today announced its intention to list its shares on London's Alternative Investment Market.

AIM listing awaits Tethyan

It's business as usual at takeover target Tethyan Copper Ltd, which today announced its intention to list its shares on London's Alternative Investment Market.

Tethyan will take the final step towards listing on AIM, issuing a final application for admission, following a shareholders meeting next month to approve an equal joint venture proposal to develop the 2.4 billion tonne Reko Diq copper-gold deposit in Pakistan with leading international copper producer Antofagasta Plc.

The AIM listing proposal is aimed at broadening Tethyan's shareholder base, according to the company, in order to improve access to capital ahead of development of the copper resource, considered one of the world's largest, according to resource estimates.

Perth-based Tethyan is currently the subject of a long-running $101 million hostile takeover offer from Hong Kong-based investment bank and asset management group Crosby Capital Partners' subsidiary Skafell Pty Ltd.

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