GoGlobal Launches Secondary AltX Listing
GoGlobal Properties‚ which listed on the Bermuda Stock Exchange last month‚ said on Monday [Apr. 22] its secondary listing — on South Africa’s AltX — would be effective from Monday next week.
The company, backed by South African interests, expects its primary listing in Bermuda to provide access to “a global investor base of managed funds‚ high net worth individuals and other sources of capital”.
The secondary listing on the AltX would enhance GoGlobal’s ability to raise capital.
“Against the backdrop of fragile economic conditions in the UK‚ the availability of capital in the UK remains constrained. Accordingly‚ the promoters are looking to establish a vehicle that can access the South African capital base‚” the company said in a statement.
AltX is analternative public equity exchange for small and medium sized companies in South Africa operated in parallel with and wholly owned by the JSE Securities Exchange.
Gerald Leissner has been appointed CEO of the company‚ which was incorporated in Bermuda in October last year, and Pauline Goetsch has been named as its financial director.
GoGlobal said it had offered invited investors only to subscribe for up to 250‚000 of its shares.
The company would initially seek to acquire small stakes in large UK and European real estate investment trusts … and may look in time to acquire controlling interests in selected small listed UK [trust]”‚ it said.
GoGlobal also plans to actively pursue attractive opportunities to invest in direct property assets‚ with a focus on investing in high-yielding commercial properties throughout the UK and other European countries. It would not have a particular sector focus‚ but expected the bulk of investments to be in the retail‚ office and industrial warehousing and distribution sectors.
