07/03/2006 - 21:00

AIM listing for Cape Lambert

07/03/2006 - 21:00

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Cape Lambert Iron Ore Ltd intends to apply for admission on the Alternative Investment Market of the London Stock Exchange to maintain and enhance its global profile, and gain greater exposure and access to European-based capital, according to managing di

AIM listing for Cape Lambert

Cape Lambert Iron Ore Ltd intends to apply for admission on the Alternative Investment Market of the London Stock Exchange to maintain and enhance its global profile, and gain greater exposure and access to European-based capital, according to managing director Tony Sage.

Mr Sage said the listing would take place via a fast-track compliance listing, expected to occur by mid-April.

Following the successful admission on AIM, the company’s shares will be dual listed on the Australian and UK (AIM) stock markets.

Cape Lambert has engaged Collins Stewart as its nominated adviser and broker. Collins Stewart was regarded as the number one fundraiser on AIM during the period 2001-2005, with 47 floats raising about £1.7 billion ($A4 billion).

In 2005, it raised total funds of £1.2 billion ($A2.9bn) on 36 deals for its clients, and successfully completed 24 IPOs, raising £1 billion ($A2.4 billion).

Through its offices in New York, Paris, Dublin, Geneva and Milan, Cape Lambert anticipates Collins Stewart will be able to provide the access to investors beyond the UK.

About 20 per cent of Cape Lambert’s stock is held by UK institutions, principal stockholder JP Morgan having lifted its stake in Cape Lambert from 6.7 per cent to 7.9 per cent earlier this month.

The company believes it has enough cash for a bankable feasibility study and exploration of its iron ore project in the Pilbara, but will need to raise more money to fund construction and development.

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