PERTH (miningweekly.com) – Dual-listed Champion Iron has announced plans to re-domicile from Australia to Canada.
The company on Tuesday said that after considering the potential benefits and disadvantages of the move, the board of directors determined that the re-domicile to Canada would align the location of the parent company with its assets, operations, and predominant shareholder base, and would increase the attractiveness of Champion to more diverse financial markets.
The re-domicile would also increase Champion’s attractiveness to Canadian institutional investors, and could mean that the company could become eligible for inclusion in Canadian indices.
Furthermore, potential cost savings could be realised through the simplification of the corporate structure.
Champion said on Tuesday that the company would maintain both its listings on the ASX and the TSX.
“Although our company has evolved into a successful mining operator headquartered in Canada, we maintain significant roots in Australia where many of our early investors reside,” said CEO David Cataford.
“While today’s announcement aligns our company’s domicile with its operations, we look to build our already strong shareholder base in Australia with our active listings on the TSX and the ASX, which will remain unaffected by this announcement.”
A shareholder meeting to vote on the re-domicile is scheduled for March, with the move likely to be implemented by early April.