Dual Listings of Australian Companies on U.S. Exchanges

Dual Listings of Australian Companies on U.S. Exchanges

Presented by Anh Q. Tran January 12, 2012

Copyright ? 2011 by K&L Gates LLP. All rights reserved.

K&L Gates LLP

Nearly 2,000 lawyers, in 40 offices, across four continents

International corporate and securities financing and corporate governance for public and private companies, e.g.,

IPOs and following-on offerings, Dual listings, public and private equity and debt offerings, public and private M&A transactions, and alternative public listings.

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Overview

1. Advantages 2. Disadvantages 3. IPO and Listing 4. Listing Only 5. Ongoing Obligations and SEC Accommodations 6. Delisting

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Advantages of dual listing

Access to one of the world's most vibrant capital markets

2010 IPO Activity: ASX, NYSE and Nasdaq

NASDAQ $8.7B (3.1%)

ASX $7.9B (2.8%)

New York NASDAQ Aus tra l i a n

NYSE $34.7B (12.2% )

*Global IPO Trends 2011 Report, Ernst & Young

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Advantages of dual listing (cont'd)

Australian vs. US Markets

June 2009 to June 2011 - The ASX200s new capital raising was down relative to the US and other markets:

91%, relative to Europe, 84% relative to Asia (excl. Japan), and 80% relative to the US.

First half of 2011: Deal value of Australian IPOs was $560 million vs. global IPO value of $130 billion (~0.5% -- Australia usually at 2-3%).

worst for IPOs since 2002, and worst for equity issuance since 2005.

*According to Deutsche Bank Global Market Research Report, Australian Financial Review, Dealogic; August 3, 2011

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