African lithium developer, Prospect Resources has dual listed on the Frankfurt Stock Exchange.
The German listing expands Prospect’s investor reach and increases the company’s exposure to European markets, which is one of the largest regions consuming ultra-low iron petalite in the glass and ceramics market.
The Frankfurt Stock Exchange is the world’s third largest exchange-trading market, behind the New York Stock Exchange and NASDAQ. More than 50% of the total trades on this exchange are conducted through investors in countries outside of Germany.
Prospect’s MD, Sam Hosack, said “Prospect now has access to new clients and capital markets and will gain greater liquidity and exposure to many more retail and institutional investors. This also places us in the European region that is home to some of the largest glass and ceramic end user customers. We see Europe as a core region in Prospect’s capital market and product marketing strategy. The Frankfurt listing also overcomes time difference and account issues for European retail investors.
“As Prospect’s shares are quoted on the Australian Securities Exchange (ASX), which is a Frankfurt Stock Exchange approved exchange, the dual listing was possible without primary listing procedures and at no additional cost to the company,” he added.
Prospects shares will trade under the code “5E8”.