Kryso Resources plans switch to Hong Kong
By Philip Whiterow, proactiveinvestors UK
Gold miner Kryso Resources (LON:KYS) is to set up a new holding company based in the Cayman Islands ahead of a possible switch of listing to Hong Kong from AIM.
Existing Kryso shares will be cancelled and shareholders will receive shares in the new company on a one-for-one basis.
Kryso said the change reflects the fact that the majority of its shareholders are now based in China and Hong Kong and are more familiar with Cayman holding company structures.
The new structure will also help with future M&A activity and better prepare the group for a foreign listing and accompanying fundraising.
Craig Brown, Kryso’s managing director, said: “This marks an exciting chapter in the corporate development of Kryso Resources.
“It is the board’s view that a listing in Hong Kong would provide an attractive platform that has strong potential to facilitate future growth within Kryso’s business.
“While there is no certainty that any such listing will occur and, at this stage, no application has been made, we have appointed advisors in order to fully explore a Hong Kong listing as the board believes that such a move would be of significant benefit to all of the company’s shareholders.”
Kryso ‘s flagship project is its wholly owned Pakrut gold project situated in Tajikistan approximately 12km northeast of the capital city Dushanbe.
Note: Kryso Resources plc is an AIM-listed mineral exploration and development company focused on projects in Tajikistan.
Kryso owns 100% of the 5Moz Au (JORC) Pakrut Gold Project. Full scale construction has now commenced following the securing of a US$93.5m project finance facility by Kryso. Gold production is scheduled for Q1 2014.
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