Press releases 2003

03 March 2003

London Stock Exchange offers Canadians improved access to capital, increased global visibility

TORONTO, 3 March 2003 - Canadian issuers are being encouraged to list on the London Stock Exchange, one of the world's leading international exchanges and the gateway to European capital markets.

Over the last nine months, five Canadian companies have listed in London, which means there are now 46 Canadian issuers with equity or debt listed on London's markets with a combined value of over CAD 150 billion. 

The Exchange is seeking to build on this success through a comprehensive marketing effort, which will highlight London's expertise in international equity and debt financing, its attractive and respected regulatory regime, and its leading reputation as a source of capital for all issuers, notably those from the resources, financial services, healthcare and technology sectors.

Philip Mastriforte, the Exchange's Head of Issuer Services, said: "London is open to Canadian issuers irrespective of sector or size: there is capital waiting for those with good stories to tell.  Our governance standards are world class, and the route to our markets is straightforward and familiar to Canadian issuers".

Mastriforte explained that the Exchange is initially targeting international companies that are already listed on a North American exchange, which could gain extra benefits from a complementary London listing.  Some of these benefits include access to deep pools of liquidity, increased profile and visibility, and greater exposure to investors.

The London Stock Exchange is determined to position itself as a market of choice for Canadian issuers.  To do so, it is conducting a series of group presentations and individual meetings with companies in targeted sectors as well as with leading corporate finance, accounting and legal advisory professionals across Canada.

The Exchange's initiative is being assisted by The Barnes Organization, a Toronto-based investor relations consultancy.  Ken Barnes, Chief Executive Officer of The Barnes Organization, said: "An inter-listing in London will make Canadian issuers stronger, better financed and better followed." 

He added: "Advances in communication technologies now enable Canadians to serve their European and other international investors effectively from home – without the considerable time and expense of personal travel. London's Canadian initiative is a step forward in the globalization of capital markets."

London-based investors are more open to investing in non-domestic issuers than those based in New York, which is evident from the relative capital available for international issuers in both centres. Data from Thomson Financial Corporate Group shows that at the end of September 2002 there were international assets of US$399 billion under management in London, compared with US$210 billion in New York.

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For further information, please contact:

More information about Canadian companies on the Exchange's markets can be found at: www.londonstockexchange.com/canada/default.asp

Notes to Editors:

Philip Mastriforte, Head of Issuer Services, London Stock Exchange, is in Canada during the week of 3 March 2003 and available for interviews, which can be arranged through The Barnes Organization.

The Issuer Services division manages the Exchange's relationship with issuers listed on its markets.  It also seeks to attract a variety of issuers from the UK and overseas that wish to have their equity and debt securities listed on its markets and provides a range of services and products to meet the needs of issuers. 

Philip Mastriforte joined the Exchange in May 2002 after fifteen years in investment banking, focussed on providing advice and capital market services to corporates.

 
CANADIAN ISSUERS LISTED ON THE LONDON STOCK EXCHANGE:

EQUITY
ALCAN INC                         
BANK OF MONTREAL                  
BANK OF NOVA SCOTIA               
BARRICK GOLD CORP                 
CANADIAN GENERAL INVESTMENTS      
CANADIAN IMPERIAL BANK OF COMMERCE
CANADIAN OVERS PACK INDUSTR       
CANADIAN PACIFIC RAILWAYS         
FIRST CALGARY PETROLEUMS          
FIRST QUANTUM MINERALS            
INCO                              
LIONORE MINING INTERNATIONAL      
MANO RIVER RESOURCES INC          
NEW BRUNSWICK RAILWAY CO          
NRX GLOBAL CORP                   
REPUBLIC GOLDFIELDS INC           
SOUTHERNERA RESOURCES             
ST LAWRENCE & OTTAWA RAILWAY CO   
THISTLE MINING INC                
TORONTO-DOMINION BANK             
TURBO GENSET INC                  
YM BIOSCIENCES INC

DEBT
ALBERTA (PROVINCE OF)              
BANK OF MONTREAL                  
BANK OF NOVA SCOTIA               
BRITISH COLUMBIA (PROVINCE OF)CANADA
CAISSE CENTRALE DES JARD DU QUEBEC
CANADIAN IMPERIAL BANK OF COMMERCE
CANADIAN WHEAT BOARD              
EXPORT DEVELOPMENT CANADA         
FARM CREDIT CANADA                
FINANCEMENT QUEBEC                
GENERAL MOTORS ACC CORP OF CANADA 
HYDRO-QUEBEC                      
MANITOBA (PROVINCE OF)             
MONTREAL (CITY OF)                 
NESTLE CAPITAL CANADA             
NOVA SCOTIA (PROVINCE OF) CANADA   
ONTARIO (PROVINCE OF)              
OTTAWA-CARLETON (REG MUN OF)       
QUEBEC                            
RIO TINTO CANADA INC              
ROYAL BANK OF CANADA              
TALISMAN ENERGY INC               
TORONTO-DOMINION BANK             
TOYOTA CREDIT CANADA INC          
TRANSCANADA PIPELINES