Piper Alderman has acted for Sovereign Gold Company Limited (Sovereign Gold) on its listing on the Australian Securities Exchange (ASX).
After closing its initial public offering (IPO) on 19 November 2010, subscriptions for Sovereign Gold shares reached $4.6 million and the IPO was over subscribed. The issue price was $0.20 per share, with trading opening on 3 December 2010 at $0.22 per share.
Initially incorporated as a wholly owned subsidiary of Hudson Resources Limited, Sovereign Gold is an Australian-based gold mining company that holds a prospective tenement package in the Rocky River-Uralla Goldfield, near Armidale in New South Wales.
Piper Alderman's team in relation to Sovereign Gold's IPO was led by partner Alan Jessup, who was assisted by associate Aaron Chan and lawyer Paul Henry. Pipers was involved with all aspects of the IPO including the preparation of the prospectus and lodging it with the Australian Securities and Investments Commission.