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JOHANNESBURG - Anglo American (JO:AGLJ) Platinum Limited, soon to be renamed Valterra Platinum Limited, announced today its intention to apply for a secondary listing on the London Stock Exchange (LON:LSEG) (LSE). The move comes in anticipation of the company's demerger from parent company Anglo American plc, which was announced in May 2024 and detailed in a circular released today.
The demerger, pending shareholder approval at Anglo American's general meeting scheduled for April 30, 2025, is expected to be effective on May 31, 2025. Anglo American will retain a 19.9% shareholding in the newly independent company for at least 90 days post-demerger.
Anglo American Platinum, which will trade under the new ticker symbol "VAL" on the Johannesburg Stock Exchange (JSE), aims to enhance liquidity and support its diverse shareholder base through its additional listing on the LSE, where its shares will trade under the ticker "VALT" starting at 8:00 am BST on June 2, 2025.
The company's prospectus, approved by the UK's Financial Conduct Authority (FCA) and published today, outlines the business and financial information pertinent to the group, including performance data for the two months ended February 28, 2025.
CEO Craig Miller expressed confidence in the company's position in the Platinum Group Metals (PGMs) market, citing industry-leading resources and integrated processing capacity. He highlighted the current PGM supply deficit, minimal investment in new production, and strong demand as factors supporting a positive medium to long-term outlook for the market.
The prospectus, detailing the company's business, financials, and risks, is available on the company's website and has been submitted to the National Storage Mechanism in the UK.
The company emphasized that the prospectus does not constitute an offer to subscribe for or purchase any shares and that no proceeds will be received from the Admission since no new shares are being offered for cash.
This planned secondary listing is designed to facilitate trading via the CREST system in the UK, with Computershare Investor Services PLC issuing dematerialized depositary interests representing the underlying shares held on trust for the holders.
Anglo American Platinum remains a leading producer of PGMs, with a significant global resource base and a commitment to safety, sustainability, and value creation. The information presented is based on a press release statement.
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