The Vulcan Energy Resources Ltd [ASX:VUL] said today it has applied to dual list on the Frankfurt Stock Exchange.
Vulcan’s main mission is to become the first lithium producer in the world with zero greenhouse gas emissions. Their focus is on becoming a producer for the European market and their Zero Carbon Lithium project.
Their share price recently got a boost after a Life Cycle Assessment (LCA) study released their results estimating that the project would produce negative carbon emissions. You can read more on that here.
Dual listing
Vulcan is looking to dual list on the Frankfurt Stock Exchange and has appointed Joh Berenberg, Gossler & Co. KG (Berenberg) as its listing advisors. Founded in 1590, Berenberg is the oldest merchant bank in the world and has a presence in Europe and the US.
Vulcan expects that the dual listing will give the company more international exposure and access to European investors.
As Managing Director Dr Francis Wedin said:
‘Given the German base and role in the EU energy transition of our Zero Carbon Lithium™ Project, Vulcan is aiming to increase its European investor base and international exposure, whilst meeting and exceeding the highest standards of governance, reporting and
transparency. This planned dual listing on the regulated exchange of the FSE, a first
for any Australian company, will assist with this process.’
What could happen next to the VUL share price?
Vulcan expects they will complete the process of listing on the Frankfurt Stock Exchange in six to nine months.
Shares fell initially in early trade to hit a low of $12.43. At time of writing, the VUL share price is up trading at $13.45, or 1.5% higher, from yesterday’s close. So far in the last 12 months, though, Vulcan’s shares have gone up more than 2,200%.
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Best,
Selva Freigedo,
For Money Morning
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