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Dual Listed Stocks on AIM

Monday, Jan 11 2010 by
12

I am intrigued by companies with a dual listing on AIM (or LSE) and another overseas exchange, and the opportunities that may or may not present for arbitrage. Interestingly, though, this 2007 Moneyweek Article suggests that an Aim share with a dual listing on a recognised stock exchange does not qualify for tax relief, which I didn't appreciate. Is that still the case?

This is a thread to discuss this theme and as a place to track UK listed companies with a second listing. According to this article:

Finding a comprehensive list of dual-listed Aim stocks is near impossible. The London Stock Exchange and its Aim team compiled a list a year ago for research purposes but no longer keep it updated.

I haven't managed to track that LSE list yet. As a starter for 10, here's the beginnings of a dual listed list (focusing for now on ASX as I know that better than the others):

Formerly Dual Listed

Feel free to suggest some and I will add them to this header. This Palladian list might quite handy - will try to integrate some of that too.


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Forte Energy NL is engaged in exploration of minerals. The Company’s segment includes Mineral exploration in Mauritania and Mineral exploration in Guinea. The Company holds 10 100% owned uranium exploration licences, covering over 9,200 kilometer square in the vicinity of Bir Moghrein in the north west of Mauritania close to the border with Western Sahara. The Firawa project consists of two licences, totalling over 509 kilometer square, which are located approximately 25 kilometer to the east of Kissidougou. During the fiscal year ended June 30, 2012, 63 holes totalling 4,712 meter of Reverse Circulation (RC) drilling were carried out at Firawa. The Bohoduo project consists of two licences, covering an area of over 338 kilometer square, situated approximated 120 kilometer north east of Firawa. more »

Share Price (AIM)
0.89p
Change
-0.1  -10.5%
P/E (fwd)
n/a
Yield (fwd)
n/a
Mkt Cap (£m)
8.3

Ithaca Energy Inc. (Ithaca) is involved in the exploration, development and production of oil and gas in the North Sea. During the year ended December 31, 2010, the combined production from Beatrice and Jacky averaged 9,336 barrels of oil per day gross (4,485 barrels of oil per day net to Ithaca) as measured at the Nigg storage facility. In February 2010, the Galaxy II rig commenced drilling at the Stella appraisal well location in block 30/6a. In February 2011, it completed the drilling of a water injection well for the Athena field development. Ithaca has a wholly owned subsidiary Ithaca Energy (UK) Limited. The Beatrice Field, in which Ithaca holds a 50% interest, is operated by Ithaca. The Athena field is situated in block 14/18b in the Outer Moray Firth area of the United Kingdom's Continental Shelf. In April 2013, Ithaca Energy Holdings (UK) Ltd acquired the entire share capital of Valiant Petroleum PLC. more »

Share Price (AIM)
120p
Change
-1.5  -1.2%
P/E (fwd)
2.7
Yield (fwd)
n/a
Mkt Cap (£m)
385

Bankers Petroleum Ltd. (Bankers) is engaged in the exploration for and development and production of oil in Albania. The Company generates all of the oil revenue from its operations in Albania, which is located northwest of Greece in South Eastern Europe. In Albania, Bankers operates and has the rights to develop the Patos-Marinza and Kucova oilfields pursuant to License Agreements with the Albanian National Agency for Natural Resources (AKBN) and Petroleum Agreements with Albpetrol Sh.A (Albpetrol), the state-owned oil and gas corporation. The Patos-Marinza oilfield is an onshore oilfield in continental Europe, holding approximately 7.7 billion barrels of original-oil-in-place (OOIP). The Company also has rights to exploration Block F (adjacent to the Patos-Marinza oilfield), a 185,000 acre oil and gas prone exploration field. more »

Share Price (AIM)
192p
Change
5.0  2.7%
P/E (fwd)
9.0
Yield (fwd)
n/a
Mkt Cap (£m)
469.7



  Is Forte Energy NL fundamentally strong or weak? Find out More »


20 Posts on this Thread show/hide all

djpreston 18th Dec '09 1 of 20
2

One off the top of my head:

Allied Gold. Not only dual but tri listed now - ASX, TSE and AIM.

Then there is

Serica - TSE and AIM

Bankers Petroleum - TSX/AIM

Global Petroleum - ASX/AIM

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emptyend 18th Dec '09 2 of 20
2

The other point to note re Dual-listed stocks is that they are eligible for inclusion in ISAs (using either the AIM stock or the foreign stock)  - which isn't the case with other AIM stocks!

ee

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SteMiS 18th Dec '09 3 of 20
1

Natasa Mining (NSN)

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Mattybuoy 18th Dec '09 4 of 20
1

Gippsland is no longer on AIM.

Add:-

AAAM - African Aura Mining - also on TSX-V.

CEO - Coastal Energy - also on TSX-V.

CLF - Cluff Gold - also on TSX

NUS - Nautilus Minerals - also on TSX.

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tournesol 18th Dec '09 5 of 20
2

Betasurfer - Very useful idea - thank you

might I suggest that stocks are listed in the header in alphabetical order?

here's an alphabetical version of the current list, perhaps you could cut and paste it into the header?

Antonov Plc (AIM/Euronext - but delisting from AIM planned)
Bodisen Biotech Inc (AIM/AMEX)
Caledon Resources Plc (AIM/ASX)
Caza Oil & Gas (AIM/TSX)
Ceramic Fuel Cells (AIM//ASX)
Finders Resources (AIM/ASX)
Forte Energy Nl (AIM/ASX)
Gippsland Limited (AIM/ASX)
Leyshon Resources (AIM/ASX)
Norseman Gold Plc (AIM/ASX)
Novera Energy Plc (AIM/ASX)
Nyota Minerals (AIM/ASX)
Oilex Ltd (AIM/ASX)
Platinum Australia Ltd (AIM/ASX)
Range Resources (AIM/ASX)
RCG Hldgs Ltd (AIM/Hong Kong)
Regency Mines (AIM/ASX)
Roc Oil Co Ltd (AIM/ASX)
Rusina Mining (AIM/ASX)
Stem Cell Sciences (AIM/ASX)
Sylvania Resources Ltd (AIM/ASX)
Thor Mining (AIM/ASX)
Zambezi Resources (AIM/ASX)

regards

T

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flyinghorse 18th Dec '09 6 of 20
1

Ithaca IAE are dual listed (I hold) (also TSX)

Also up a decent amount this week (55p to 70p), with no obvious reason?

Did see this elsewhere "Perhaps it is showing that the imminent news regarding various Sproule reserves analysis, workovers drilling especially the much discussed bypassed Beatrice reservoir section, Stella spud, possible asset acquisition etc are indeed providing a solid support"

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djpreston 18th Dec '09 7 of 20
1

Also Antrim Energy - TSX and AIM.

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muckshifter 18th Dec '09 8 of 20
1

Roc have cancelled their AIM listing.
Regards

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Betasurfer 18th Dec '09 9 of 20
4

Cool, thanks everyone. Much appreciated. I have integrated those names into the header (let me know if you spot any omissions) and sorted alphabetically, as per Tournesol's suggestions. I might split out by sector too if the list gets long enough.

I have also added everyone who posted on this Thread as a Contributor so that you can also hopefully edit the header directly too if you think of any other stuff to include (links, names). Or just post up and I will add them.

This Palladian list might be quite handy - will try to integrate some of that too into the header.

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zangdook 31st Dec '09 10 of 20

ACHL Asian Citrus AIM and Hong Kong

UGY Uruguay Minerals AIM and Toronto

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markd 11th Jan '10 11 of 20
1

MML Medusa Mining AIM and TSX

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fordtin 12th Jan '10 12 of 20
1


I'm not totally sure, but I think the following means that, although NGL is available to Australians via CDI's, it does not make it eligible for inclusion in a UK ISA. Can anyone clarify this? If it is the case, are there any other dual listed stocks excluded from ISA's because they are only available on the secondary listing as CDI's?



7.44 A practical test that managers can apply to DIs is to look through the DI to the
investment that the DI represents. This might require looking through
intermediaries. For example, if an investor held a DI in overseas shares that was
then exchanged for a CDI, the underlying investment is not the CDI, but the shares
represented by the DI. If all the underlying investments (other than cash) would be
qualifying investments for a stocks and shares ISA if held directly by the investor,
then the DI will be a qualifying investment.
In some cases the investor cannot hold shares directly, for example, when the
shares are issued in the form of a Global Note. The test should then be applied as
if the investor were capable of holding the shares.


p.67 - http://www.hmrc.gov.uk/isa/isa-guidance-notes-2008.pdf

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ohisay 13th Jan '10 13 of 20

In reply to fordtin (post #12)

Hl has it as non isable .

http://www.h-l.co.uk/shares/shares-search-results/n/norseman-gold-plc--ordinary-1.25p

Not usually wrong in my experience

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Mattybuoy 13th Jan '10 14 of 20

Uruguay Minerals is now known as Orosur Mining and the ticker has been changed to OMI (both exchanges).

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ohisay 1st Mar '10 15 of 20
7

Not sure where else to post this but I thought it might be useful - a list of isable resource stocks -thanks to Snurkle on iii.
It's been awhile since I sent the last list of self trade natural resources ISA-ble shares.

This is the updated list.

Listed alphabetically:
AAAM (iron ore and gold)
AAL (multi commodity)
ACU (copper)
AEX (oil)
AEY - Antrim Energy (oil / gas)
AFR (oil)
AGLD (gold)
AGQ - Arian Silver (silver)
ANTO (mainly copper)
APF (Mainly Coal - invested in a basket of miners)
AQP (platinum)
AYM (iron ore, zinc, copper)
BG (gas)
BKY - Berkeley Minerals (uranium)
BLT (multi commodity)
BP (oil)
BRWM (multi commodity trust)
CAZA (oil & gas)
CEY (gold)
CLF (gold)
CNE (oil & gas)
CRND (gold)
CZA (coal)
DGO (oil)
DME (copper)
DNX (oil)
EGU (gold)
ELP - Elixir Petroleum (oil)
ELR (platinum)
ENEG (oil)
FND (copper)
FRES (silver)
FTE (uranium)
FXPO (iron ore)
GAL (gold)
GBP (oil)
GIP - Gippsland (Tantalum, Tin & Feldspar)
GSL (gold/silver)
HOC (silver)
HOIL (oil)
IAE (oil)
IFL (ferrochrome producer)
JKX (oil & gas)
JLP (platinum)
KAZ (multi commodity miner incl copper and silver)
KGI (gold)
KLG (gold and coal)
KMR (titanium)
LOND (iron ore & coking coal)
LMI (mainly platinum)
LRL (gold)
MML - (gold)
NAD - Namakwa Diamonds (diamonds)
NSN - Natasa Mining (various - pre-production resource investor)
NUS (various metals ... undersea mining)
NWR (coal)
NYO (gold)
OEX (oil)
OMI (gold) - formerly UGY
OSU (gold / copper)
PAF (gold)
PLAA (platinum)
PMO (oil)
POG (gold & iron ore)
PPN (platinum)
RDSB (oil)
RIO (multi commodity)
RMLA (nickel, + various precious and base metal projects)
RMM (gold / copper)
RRL (oil)
RRS (gold)
SE. - Strategic energy corporation (oil / gas)
SIA (oil)
SLV (platinum)
SQZ - Serica - (oil)
TLW (oil)
UKC (coal / land)
UGY (gold) - epic change to OMI, 11 Jan
VED (multi commodity)
VST (oil)
WTN (coal)
XEL (oil)
XTA (multi commodity)
YAU (gold)


Ordered by commodity type(s)
CZA (coal)
WTN (coal)
UKC (coal / land)
NWR (coal)
APF (Mainly Coal - invested in a basket of miners)
AAAM (iron ore and gold)
AYM - Anglesey Mining (iron ore, zinc, copper)
FXPO - Ferrexpo (iron ore)
LOND - London Mining (iron ore and coking coal)
FTE - Forte Energy (uranium)
BKY - Berkeley Minerals (uranium)
POG (gold & iron ore)
KLG (gold and coal)
CEY (gold)
MML (gold)
RRS (gold)
YAU (gold)
PAF - Pan African Resources (gold)
NYO - Nyota Minerals (gold)
CRND - Central Rand Gold (gold)
AGLD - Allied Gold (gold)
OMI - formerly UGY (gold)
CLF - Cluff Gold (gold)
GAL - Galantas Gold (gold)
LRL - Leyshon Resources (gold)
EGU - European Goldfields (gold)
KGI (gold)
OSU (gold and copper)
GSL (gold / silver)
HOC (silver)
FRES - Fresnillo (silver)
AGQ - Arian Silver (silver)
AQP (platinum)
JLP (platinum)
PLAA (platinum)
SLV (platinum)
ELR (platinum)
PPN (platinum)
LMI (mainly platinum)
NAD - Namakwa Diamonds (diamonds)
ACU (copper)
DME (copper)
FND (copper)
ANTO (mainly copper)
RMM (copper / gold)
RMLA (nickel, + various precious and base metal projects)
GIP - Gippsland (Tantalum, Tin & Feldspar)
NSN - Natasa Mining (various - pre-production resource investor)
NUS (various metals ... undersea mining)
KAZ (multi commodity miner incl copper and silver)
VED (multi commodity)
RIO (multi commodity)
XTA (multi commodity)
BLT (multi commodity)
AAL (multi commodity)
BRWM (multi commodity trust)
IFL (ferrochrome producer)
KMR (titanium)
AEX (oil)
AFR (oil)
ENEG (oil)
IAE (oil)
TLW (oil)
RRL (oil)
HOIL (oil)
BP (oil)
RDSB (oil)
DNX (oil)
PMO (oil)
SIA (oil)
DGO (oil)
XEL (oil)
OEX (oil)
VST (oil)
GBP (oil)
SQZ - Serica - (oil)
ELP - Elixir Petroleum (oil)
CNE (oil & gas)
JKX (oil & gas)
CAZA (oil & gas)
AEY - Antrim Energy (oil / gas)
SE. - Strategic energy corporation (oil / gas)
BG (gas)



NOT ISAable - removed from above list ... see thread for reasons
CDN
AFE
NGL
THR
ZRL
BEM
MWA
OVG - Ovoca Gold (gold)

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StrollingMolby 25th Mar '10 16 of 20
2

Useful advice and worked example on Norseman Gold in today's HMRC ISA Bulletin 19:

Qualifying investments – Shares traded on AIM

In PEP & ISA Bulletins 30 and 31 we explained that for a share issued by a company to be a qualifying investment for the ISA stocks and shares component it must be officially listed on a recognised stock exchange (and, if acquired after 6 October 2005, the 5% test must be satisfied).  We added that the AIM is not a Recognised Stock Exchange; therefore shares that are traded on AIM are qualifying investments only if, in addition, they are officially listed on another stock exchange that is a Recognised Stock Exchange (and, if acquired after 6 October 2005, the 5% test is satisfied).

We have now come across cases where managers have believed that this condition is satisfied if a depositary instrument containing the share is listed on a recognised stock exchange. 

We explained the rules about depositary instruments in ISA Bulletins 15 and 18, when discussing ADR/ADSs.  For ISA purposes, a depositary interest will only qualify if the underlying security would qualify in its own right for inclusion as an ISA qualifying investment.  So managers need to look beyond the listing of the depositary interest and check that the underlying investment qualifies for the ISA.  If it does not, the depositary interest does not qualify for the ISA.

A case in point is Norseman Gold plc.  A manager was told that shares in this company were a qualifying investment because, in addition to being traded on AIM, the shares were listed on the Australian Stock Exchange (ASX).  In fact, the shares are not listed on the ASX, a depositary instrument containing the shares is listed on the ASX; the shares themselves are only traded on AIM.  (See, for example http://uk.finsearch.yahoo.com/uk/?s=uk_sort&tp=S&nm=norseman+gold.)  And this means that neither the depositary interest listed on the ASX nor the shares traded on AIM are qualifying investments.

All ISA managers offering stocks and shares ISAs must check to see if they are holding non-qualifying depositary interests (because the underlying investments are shares that are simply traded on AIM).  If they are they should contact CAR Audit to discuss the matter.

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oilretire 28th Mar '10 17 of 20
1

As good as it is, hopefully in the future we won't need this thread :-)

http://www.ft.com/cms/s/2/d8a7bc6e-3903-11df-8970-00144feabdc0.html

The government also said this week that it will consult on allowing investors to hold Alternative Investment Market (Aim) shares in Isas......

.........Stockbrokers and the UK Shareholders Association said they are in favour of allowing Aim shares to be held in Isas.

“It’s about time,” said TD Waterhouse, pointing out the shares could already be held in self-invested personal pensions (Sipps).

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dontalbidon 13th May '10 18 of 20

try

Wichford Plc (LON:WICH)
Dragon Oil (LON:DGO)

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NEILB 11th Aug '10 19 of 20
1

nobody has mentioned Polo Resources (POL)- dual listed on TSX & AIM... got a 3p special dividend due soon & buyers are still eligible till later in august(date escapes me at present) good news flow potentially from its near 40% holdings in both CDN & GCM.

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jseth123 26th Apr '11 20 of 20
2

Sorry to rekindle an old thread.

I had been under the impression that dual listed stocks were exempt from Stamp Duty, certainly I have escaped stamp duty buying Ithaca (LSE:IAE - bought on AIM rather than CVE).

This morning I bought some Coastal Energy (LON:CEO - bought on AIM) but was charged stamp duty...

A brief look has provided nothing to suggest why Ithaca would be exempt but Coastal Energy was not. Can anyone shed any light please?

JS123

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