BY MISHMA CHAKANYUKA
AFRICAN lithium developer, Prospect Resources Ltd (PSC), has made a dual listing on the Frankfurt Stock Exchange in a bid to broaden its exposure to European investors and potential customers.
In a statement, the company said its shares would trade under the code “5E8” on the stock exchange.
“African lithium developer, Prospect Resources Ltd (ASX: PSC), is pleased to announce the dual listing of the company’s shares on the Frankfurt Stock Exchange.
“The company’s shares will trade under the code ‘5E8’,”said PSC.
“The Frankfurt listing expands Prospect’s investor reach and increases the company’s exposure to European markets, which is one of the largest regions consuming ultra-low iron petalite in the glass and ceramics market.”
Prospect MD Sam Hosack said his ompany saw Europe as the core region for its capital market and product marketing strategy.
“Prospect now has access to new clients and capital markets and will gain greater liquidity and exposure to many more retail and institutional investors,” he said.
“This also places us in the European region that is home to some of the largest glass and ceramic end-user customers.
“The Frankfurt listing also overcomes time difference and account issues for European retail investors.
“As Prospect’s shares are quoted on the Australian Securities Exchange (ASX), which is a Frankfurt Stock
Exchange-approved exchange, the dual listing was possible without primary listing procedures and at no additional cost to the company.”
The Frankfurt Stock Exchange is the world’s third largest exchange-trading market, behind the New York Stock
Exchange and Nasdaq, and more than 50% of the total trades on the stock exchange are conducted through investors in countries outside of Germany.
Prospect is an ASX-listed lithium company based in Perth with operations in Zimbabwe and its flagship project is the Arcadia Lithium Project located on the outskirts of Harare in Zimbabwe.
The Arcadia Lithium Project represents a globally significant hard rock lithium resource and is being rapidly developed by Prospect’s experienced team, focusing on near-term production of petalite and spodumene concentrates.