08/11/2007 Central Rand Gold to Main Market
8 November 2007
The London Stock Exchange is delighted to welcome Central Rand Gold to the Main Market.
Central Rand Gold (CRG) is a holding company formed to re-establish commercial gold mining activities in the Central Rand Goldfield of Johannesburg. CRG operates gold prospecting operations in the historic gold mining area of the Central Rand Goldfield, which lies to the south of Johannesburg. The Company’s aim is to ultimately bring back commercial gold mining activities in the Central Rand Goldfield by using modern exploration, development and production techniques.
CRG has raised £75 million through their primary listing on the Main Market, with the offer comprising approximately 60,000,000 shares. Based on the offer price of 125 pence per share, the Company’s market capitalisation at admission is £308 million. The Company has also undertaking a secondary listing on the Main Board of the Johannesburg Stock Exchange. CRG will utilise the proceeds of the offer to start the move from exploration to production, enabling the Company to bring gold mining home to the Central Rand Goldfields, the birthplace of gold mining in Johannesburg.
Commenting on the IPO, Alastair Walton, Non-executive Chairman of Central Rand Gold, said: “We are delighted that the Offer has been so well received. The broad range of high quality investors that Central Rand Gold has attracted during the IPO is testimony to the strong proposition that lies at the core of our business. Our new status as a listed company in London and South Africa will raise our profile and give us the flexibility we require to further develop our business.”
Evolution Securities acted as UKLA Sponsor and Global Co-ordinator to the Placing. Macquarie First South acted as JSE Sponsor and together with RBC Capital Markets were Co-Lead Managers to the Placing.