RE: ASX desperately seeking shares !14 Jul 2025 14:21
Hi Fred,
I AI’d your question…
“ If GGP’s primary listing is now on the ASX, and the AIM (London) is the secondary listing, then yes:
✅ They absolutely could do a capital raise purely on the ASX.
Here’s a breakdown of what that means and how it works:
⸻
🔹 1. ASX as Primary Listing
• As the home exchange, GGP would be governed primarily by ASX Listing Rules, and any equity capital raisings (placements, rights issues, SPPs) could be done directly under Australian regulation (ASX + Corporations Act).
• They do not need to raise capital on AIM unless they want to.
⸻
🔹 2. Issuing Shares on the ASX
• GGP could issue new shares or CDIs (depending on how the securities are held) to Australian investors or institutional investors via:
• Placements
• Share Purchase Plans (SPPs)
• Entitlement Offers
They’d just need to stay within ASX rules (like the 15% placement capacity under Listing Rule 7.1, unless shareholder approval expands it).
⸻
🔹 3. Implications for AIM (UK) Investors
• Investors on AIM may not be directly part of the raise unless:
• GGP chooses to offer an equivalent raise in the UK (not required), or
• The shares/CDIs are fungible and UK holders convert to participate on the ASX.
That said, such a raise would still dilute UK-based shareholders, since it’s increasing total share capital — but GGP is not required to offer UK shareholders participation unless they explicitly structure it that way.
⸻
🔹 4. Real-World Examples
Several ASX-primary, dual-listed companies (e.g., Berkeley Energia, Danakali, etc.) have conducted ASX-only raises even while maintaining a UK secondary listing.
⸻
✅ In Summary:
Since GGP’s primary listing is now on the ASX, they can absolutely do a capital raise purely on the ASX, under ASX rules, with no requirement to raise concurrently on AIM. The UK listing remains secondary and more about investor access and liquidity.”
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