RE: Newmont tipped to shave Greatland Gold stake in ASX debut - Financial Review22 May 2025 12:14
This was of course one of the options on the table to provide added liquidity in the cross-listing. and Shaun Day has been talking about the possibility for many months now. He spoke about it to Liam back in September last year, when he stated:
"....their (Newmont) holding is locked up in a 12 month escrow. In addition to that, we have a 12 month orderly market. But if people are familiar with the Australian market, something like Evolution, now Australia’s second largest gold company, this started life in similar manner, where Newmont had a very large stake, and ultimately sold down that stake, but did so in a way with the company, where they actually bought in some new high quality institutional shareholders. It was something that actually benefited for the company rather than being an overhang."
And, as per the Scheme Document:
'One of the carve outs from this lock in comprises any sales made through the Company’s broker pursuant to or in connection with ASX Admission, subject to the agreement in writing by both parties. Newmont NOL has not, at this stage, sought any formal agreement from the Company to any such sales but it is possible that it may do so prior to Admission. The Company notes that 50% of the GGP Shares held by Newmont NOL are, in any case, subject to a call option in favour of Wyloo, and therefore, subject to certain exceptions, are not capable of being sold whilst that option applies, without Wyloo’s agreement.'
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