Move to Main Market

RNS Number : 7252S

Green Dragon Gas Ltd

26 September 2014

 



26 September 2014

GREEN DRAGON GAS LTD

("Green Dragon" or the "Company")

Notification of proposed AIM cancellation

and

Admission to the Official List

Green Dragon Gas Ltd. (AIM: GDG), one of the largest independent companies involved in the production and sale of CBM gas in China, is pleased to announce that it intends to apply for admission, with a standard listing, of its ordinary shares (the "Ordinary Shares") on the Official List of the UK Listing Authority (the "Official List") and for admission to trading on the main market of the London Stock Exchange ("LSE") for listed securities (the "Main Market").

Such a move will be implemented through an introduction of its existing Ordinary Shares, with no new Ordinary Shares being issued.  Pursuant to Rule 41 of the AIM Rules for Companies, the Company hereby gives notice of the intended cancellation of trading of its Ordinary Shares on the AIM market of the London Stock Exchange ("AIM").

The Company believes that the Official List is the most appropriate platform for the continued growth of the Group by increasing Green Dragon's profile, assisting in the liquidity of the Company's shares and providing a greater range of potential investors for the Company.

It is expected that the cancellation of admission of the Ordinary Shares to trading on AIM will take place at the same time as the Ordinary Shares are admitted to the Official List and begin trading on the Main Market, which is expected to occur on or around 27 October 2014, subject to receipt of the necessary approvals from the UK Listing Authority and the LSE.  Existing shareholders should consult their own tax advisers as to the tax implications of the move to the Official List.

A further announcement will be made in due course.

Randeep S. Grewal, Chairman and Founder of Green Dragon, commented:

"Another milestone event for Green Dragon Gas this year.  This move is a natural upward migration that complements the material growth the Company has seen and the Board feels that the Main Market provides the right platform to realize the Company's potential.

This year has seen a material increase in the scale of Green Dragon's operation and reserves which has been accompanied by an increase in our market capitalisation which now stands at over US$1 billion.  Green Dragon has been served well by AIM since its admission on 16 August 2006 and the Board believes that a move to London's Main Market now will provide the Company with a larger liquid market with an enhanced profile and an appropriate platform for future growth."

For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:

Stephen Hill, VP Corporate Finance Green Dragon Gas	[phone]
Dr Azhic Basirov / David Jones / Ben Jeynes Smith & Williamson - Nominated Adviser & Broker	[phone]
Sarah Wharry / Richard Redmayne Cantor Fitzgerald Europe - Broker	[phone]
Richard Crichton / Andy Crossley Peel Hunt - Broker	[phone]
James Henderson / Phillip Dennis Bell Pottinger - Investor Relations	[phone]

About Green Dragon Gas

Green Dragon is a focused upstream (Exploration & Production) company, concentrating on its core asset value proposition over eight blocks, two of which are producing.  The Company's blocks are located within six Production Sharing Contracts across four Provinces: Shanxi, Anhui, Jiangxi and Guizhou.

 

END

 

 

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