Astra Resources PLC: underwriting negotiations begin for post listing of shares

Astra Resources PLC’s (FWB Code: 9AR) has Minevest Consultants in advanced negotiations with investment banks to co-underwrite a post-listing prospectus - with
Minevest already in talks with major international investment banks.

The prospectus for the IPO is currently being drafted by the legal advisors to the company and the underwriting is subject to a satisfactory accounting valuation and final issue of the prospectus.

This statement follows Minevest Consultants original announcement (in August 2011) to unconditionally underwrite the post-listing prospectus of Astra Resources PLC under announced terms, including the listing of the company on the Deutsche Börse which has already occurred.

Astra Resources’ global portfolio includes gold and iron sands interests in Southeast Asia, coal mines in Africa, iron ore in India, carbon efficient businesses, and the production of the high-strength T-Steel technology in Hungary.


Astra Mining converts to a proprietary limited company

In other Astra news, earlier in the week Astra Mining Ltd, a wholly owned subsidiary of Astra Resources, converted to a proprietary limited company operating as Astra Mining Pty Ltd effective 1 December 2011.

The conversion follows the rollup of the shares in Astra Mining to Astra Resources in September 2011, following approval obtained from the shareholders at the company’s Extraordinary General Meeting on 15 June 2011, and the listing of Astra Resources Plc on the Frankfurt Stock Exchange on 28 September 2011.

The impact of the conversion of Astra Mining to a proprietary limited company is that this will significantly reduce operational and compliance costs for the Astra group.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/23217/astra-resources-plc-underwriting-negotiations-begin-for-post-listing-of-shares-23217.html