Resolute to sell Ravenswood, page-115

@AvgJoe

1. capital flip benefit- adds capital buffer for africa and removes ravenswood drawndown demand

2. lse listing - europeans (and all insto investors) prefer companies with a clear alignment to portfolio - generally either regional/country specific or total scale. generally they prefer mid tier (sub 1000kozpa producers) to be in a specific region - ie africa only

london has long history of african investment - tends to have higher comfort with those operations and sovereign risks than aussies - which is the reason for listing there

pragmatically for eg gold analyst in london doesnt want to have to fly to africa for site visits - then go across to Australia - nor does a company want to pay for all the attendant expenses.

its not a must.  ultimately the market has to deal with whatever portfolio a company has. but if you;re going to list in a new place ideally its better to have the kind of investment offering they prefer

most investors they see on lse would prefer a cleaner leaner africa-only story at this point - esp given ravenswood new format is still 'unproven' and is relatively small size/higher cost

this is why you dont tend to see rrl and evn's going OS.  they want to avoid what happened to OCG and Kingsgate