Sharechat Logo

Trans-Tasman Resources pushes out ASX backdoor listing by a month, appeal looms

Thursday 12th April 2018

Text too small?

Ironsands miner Trans-Tasman Resources has delayed its planned reverse listing on the ASX by a month, giving it more time to prepare for the Manhattan Corp shareholders meeting where the deal will be decided. 


ASX-listed Manhattan has agreed with TTR to push out the end date for the transaction to June 30 from May 31, to "allow further time for the preparation of meeting materials for the proposed meeting of Manhattan shareholders to approve the transaction," director Marcello Cardaci said in a statement yesterday. The merger is effectively a backdoor route for TTR to list on the ASX, using an entity associated with the ironsands miner's chair Alan Eggers. 


TTR has consent to mine iron sands from the ocean floor in New Zealand's Exclusive Economic Zone in the South Taranaki Bight. The project aims to extract 50 million tonnes of seabed material a year to export up to 5 million tonnes of iron sand per year and is expected to generate an annual $400 million in export revenue. 


The deal relies on TTR seeing off appeals to the project, and New Zealand's High Court in Wellington will hear an application opposing the proposed mining operation between April 16 and April 18. 


Manhattan shares last traded at 2 Australian cents on the ASX, having dropped 23 percent so far this year. 



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares dip as global trade jitters weigh on A2, F&P
NZ dollar set for weekly gain after Reserve Bank surprise
Burger Fuel exploring sale after review questions listing merits
New net migration data to remain rubbery for quite some time
NZX to push sales this year after reshaping business dents 2018 profit
Slowing new orders growth weighs on January PMI
New NZ dry dock a basis for new industry - KiwiRail
Wellington Drive beats 2H sales forecast, will meet earnings guidance
NZIQS decides more training is the answer to past president's misconduct
February 15th Morning Report

IRG See IRG research reports