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We are looking at delisting - DRDGOLD, Ilja Graulich.
In an interview on ClassicFM @ 18:00 on Friday, 17 March, 2006
[miningmx.com] -- DRDGOLD was considering delisting from the Australian Stock Exchange where it share was recently suspended, said Ilja Graulich, investor relations manager for the gold producer.
Speaking on Classic Business, Graulich said: "We do less than 1% of our trade in total - that’s one of the reasons why we are looking at de-listing".
Graulich said the company had considered using the Australian listing to access the Australian capital market in an effort to grow its operations in the Pacific Rim. That now was unnecessary as DRDGOLD controls Emperor Gold, another Australian-listed firm.
"There’s really not much point for us to stay listed in that market with our focus being on Africa," Graulich said.
However, there were no plans to delist from the JSE Securities Exchange, a market that had become "more efficient", he said.
Commenting on the suspension
of the share from the Australian Stock Exchange, Graulich said the company had asked for a period of grace which had not been given. DRDGOLD was down about 7% as a result of the suspension.
The suspension followed the failure of DRDGOLD to post its restated financial figures in terms of the International Financial Reporting Standards (IFRS) accounting standards.
"We don’t just have to audit the last six months, with the changes in IFRS you have to go back at least three years," Graulich said.
"Hopefully by next week or the week after we will have the numbers ready - then the suspension can be lifted," he said.
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