MOSCOW, June 10. /TASS/. Nordgold expects to receive access for its shares to be traded on London Stock Exchange as part of the initial public offering at the end of June or the beginning of July, the gold producer said in a statement on Thursday.
"Nordgold plans to apply for gaining access for its shares to the premium listing segment and to trading on the main stock market of London Stock Exchange. Shares are allowed to be traded on Moscow Exchange, and trading is expected to start on the day or soon after access is provided. The final price of the offering regarding the placement will be defined after the book-building process, and it is currently expected that access to trading will be provided at the end of June or the beginning of July," the statement said.
Free float of the company after the IPO may total at least 25%, whereas the placement will only include the secondary sale of existing ordinary shares to present shareholders of the company - Ocean Management Limited (Alexey Mordashov’s family is the ultimate beneficiary).
Nordgold announced plans to conduct an IPO on London Stock Exchange and on Moscow Exchange on June 3.
Nordgold operates nine mines (four in Russia, three in Burkina Faso, and one each in Guinea and Kazakhstan). The company also has several prospective projects in the feasibility study. Members of Mordashov’s family are the main shareholders with a 99.94% stake.