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Alliance, Tawana postpone plans to list as merged group on ASX
ALLIANCE Mineral Assets has decided not to seek a dual listing on the Australian Securities Exchange (ASX) for now, and will remain listed only on the Singapore Exchange (SGX), the mining company said in an SGX announcement on Wednesday.
Alliance and Australian-listed Tawana Resources had proposed to merge their companies and list the merged group on the ASX. The ASX declined to give assurance that the group would be able to list; the group's ability to remain a going concern is still uncertain, and the boards of directors have determined that they would not be able to meet this condition for listing within their current timetable.
The directors believe that Alliance will be able to satisfy the conditions in due course, and will work towards an ASX listing as soon as practicable after the merger is completed, Alliance said.
Alliance will hold an extraordinary general meeting (EGM) on Sept 21 for shareholders to vote on the proposed merger and other items. If approved, the boards expect the merger to be completed by end October.