By Business Reporter – Friday 16 October 2020
HARARE (Mining Index) – AUSTRALIAN listed exploration company, Invictus Energy says it is considering a secondary listing on the Victoria Falls Stock Exchange (VFSX), Zimbabwe’s second stock exchange scheduled to start trading before end of this October.
Invictus Energy Managing Director Scott Macmillan told Mining Index that his organisation was waiting for the Zimbabwe Stock Exchange (ZSE) to clarify various issues regarding the operations of the bourse.
“Invictus is considering the VFEX as a secondary listing option, but we would like to understand the mechanics of how the exchange is going to operate from a practical point of view to see if it makes sense for us,”
“I think investors and companies seeking to list want assurances around trading and settlement within reasonable time frames, favourable treatment of capital gains, whether there is going to be sufficient liquidity on the exchange which will be driven from both foreign and local investors with free funds, as well as the ability to repatriate funds freely for both the company and investors in a timely manner,” said Macmillan.
Invictus forecasts its listing after trading has commenced.
“I think realistically that if we do decide to pursue a secondary listing that it would be after trading commences given the VFEX is scheduled to open at the end of October as I understand,” said Macmillan.
VFEX is finalising listing and membership requirements; setting up of the trading and depository systems including modalities on the clearing and settlement of transactions.
Headquartered in Perth, Australia, with offices in Harare, Zimbabwe, Invictus Energy is an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa, with an asset portfolio consisting of a highly prospective portion of the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa.
In 2018, Invictus Energy confirmed unprecedented oil and gas deposits domiciled in its Muzarabani prospect.
The move to list on VFEX would potentially make Invictus Energy the largest gas and oil exploration company to list in Zimbabwe.
VFEX was this year issued with a trading licence by the Securities and Exchange Commission of Zimbabwe to operate a securities exchange targeting foreign investors and global capital markets especially the mining industry.
Earlier this week, another Canadian-based mineral exploration and development and gold producer, Caledonia Mining Corporation which holds 64 percent in Zimbabwe’s Blanket Gold Mine, announced plans to list on VFEX.
Invictus was in August granted an Environmental Impact Assessment (EIA) by the Environmental Management Agency (EMA). ENDS// www.miningindex.co.zw
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