(Alliance News) - Neo Energy Metals PLC on Tuesday said that it is pursuing a secondary listing on A2X Proprietary Ltd, an independent stock exchange in South Africa.
The South Africa-focused uranium developer intends to list its shares on the exchange from February 27, but will retain its primary listing on the London Stock Exchange.
The secondary listing, Neo explained, would help to enlarge its shareholder base and give South African investors an opportunity to invest in a uranium-focused operator in the region.
The shares will trade under the code "NEO". There is no cost or additional regulation to the secondary listing.
"As well as increasing the liquidity and tradability of our shares, we anticipate that a secondary listing on the A2X will drive increased awareness of our activities as we build out our uranium portfolio," said Chief Executive Officer Sean Heathcote.
"Neo's partnership with its cornerstone investor, Q Global Commodities, headed up by Quinton van der Burgh, has played a significant role in facilitating this decision. With a clear and defined growth path, supported by strong market dynamics, I am confident that Neo's compelling investment proposition will attract significant interest from institutional investors in South Africa."
Neo shares were trading 9.3% lower at 0.61 pence each in London on Tuesday afternoon. The company has a market cap of GBP8.5 million.
By Holly Beveridge, Alliance News reporter
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Neo Energy Metals (NEO)