Nordgold said that it will soon move to buy out the minority shareholders of its 75%-owned subsidiary High River Gold (HRG), a move that could position Nordgold for a full London share listing.
Nordgold will offer HRG shareholders cash or paper for their shares. If a substantial amount of the shareholders opt to receive stock, Nordgold would be closer to the 25% free float that the London exchange requires for a premium listing.
Nordgold CEO Nikolai Zelenski said the company’s priority is resolving operational issues and not the listing, which is not expected to take place within the coming year.
In 1H 2012, Nordgold’s profits suffered from rising costs and a decline in production.
Nordgold, which is primaraly owned by Russian billionaire Alexei Mordashov, listed its global depositary receipts in London earlier this year after splitting off from Severstal. Nordgold’s free float currently stands at around 11%.
Source (English): MiningWeekly
