Bathurst crosses the Tasman

BATHURST Resources’ redomicile to New Zealand is almost complete.
Bathurst crosses the Tasman Bathurst crosses the Tasman Bathurst crosses the Tasman Bathurst crosses the Tasman Bathurst crosses the Tasman

Image courtesy of Bathurst Resources.

Staff Reporter

The company was removed from the official list of the Australian Securities Exchange at the close of trading on Friday, June 28 but will remain on the ASX as a registered foreign country.

Bathurst Resources NZ has joined New Zealand’s stock exchange and is expected to begin trading on July 1.

The implementation of the company’s scheme of arrangement between Bathurst Resources and its shareholders has been completed.

Each shareholder in Bathurst has been issued one fully paid ordinary share in Bathurst NZ as of June 27.

A total of 699,247,997 Bathurst NZ shares were issued as consideration for the transfer of all Bathurst shares to Bathurst NZ.

Bathurst is now a wholly owned subsidiary of Bathurst NZ and its head offices will be in New Zealand.

When announcing the restructure in April, the company said it would have no impact on the assets, liabilities, management, operations or strategy of the group.

“As we gear up to become one of New Zealand’s largest coal producers, it makes sense to incorporate in New Zealand,” chairman Craig Munro said in April.

Bathurst produced more than 200,000 tons of coal last year and is in the final stages of a long, court-involved consenting process for its Escarpment mine on the Denniston Plateau.

Escarpment is expected to produce 1 million tons per annum of hard coking coal.

“We estimate the Escarpment project alone will inject about $1 billion into the New Zealand economy over six years and provide $45 million in royalties and taxes a year,” Munro said.

“We’ve always considered ourselves a New Zealand business and this would complete that transition.”

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