The Channel Islands Stock Exchange (CISX) has admitted El Oro Ltd onto its Official List following the El Oro Group's restructure.
El Oro & Exploration Company Plc, which invests in mining, energy, pub estates and utilities amongst its activities, de-listed from the London Alternative Investment Market (AIM) following the completion of the Group's re-structure. The new El Oro Ltd, now the parent company of El Oro & Exploration Company Plc, was registered in Guernsey under the Protection of Investors Law as a closed–ended investment company in December last year in advance of its Listing on the CISX.
Julian Lane, Director of Capita Financial Administration (Guernsey) Limited, who sponsored the Listing, said: "This was something of a first for us with admission coming through conversion of a UK security; however not only has the CISX offered guidance to El Oro throughout the application, their approach has also demonstrated both common sense and pragmatism which eased the admission process."
Commenting on the move to list on the CISX, El Oro Chief Executive, Robin Woodbine Parish, said: "The CISX provides a well regulated and cost effective Listing service and I have no doubt that the Listing will assist with the growth of the business and can only enhance liquidity for our investors in the long term."
He added: "The recent market turmoil may just have passed its worst for the moment, after the traumatic falls of last October and huge erosion of value across all world markets. Gold is seeing renewed interest. El Oro is consequently well positioned to benefit from its extensive precious metals portfolio and from its other interests in Britain and around the world."
Tamara Menteshvili, CISX Chief Executive commented: "The Market Authority welcomes El Oro and is pleased to note that the Directors of this international business have recognised the value of Listing with the CISX. We were equally pleased to be able to facilitate their strategic aims through admission to the CISX Official List. The CISX market continues to grow, with companies such as El Oro benefiting from the Exchange's Listing and Trading facilities and appreciating the high standards of service and market regulation."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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