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Mount Andrah abandons IPO and listing plans

Mount Andrah abandons IPO and listing plans

Photo by Bloomberg

16th June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Sovereign Gold on Monday announced that its subsidiary Mount Andrah Gold would not proceed with its initial public offering (IPO), or its listing on the ASX.

At the end of March, Sovereign announced its plans to spin-out its 72%-held subsidiary, which has a portfolio of prospecting gold projects in New South Wales.

With the subsidiary no longer initiating an IPO, Sovereign would retain its shareholding in the company. All funds received pursuant to the IPO to date would also be returned to investors.

Mount Andrah did not give any reason for withdrawing its IPO and listing.

Edited by Creamer Media Reporter

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