PERTH MINT ANNOUCEMENT
The Perth Mint has just mailed holders of its Australian Stock Exchange (ASX) listed gold product, Perth Mint Gold (PMG) about proposed changes to the terms of PMG. The primary purpose of the change is to list them under the ASX’s AQUA Rules rather than the Warrant Rules. The ASX AQUA Rules are designed for ETF-style index products and will make it easier for investors to purchase PMG.
I was heavily involved in the creation and launch of PMG in 2003, which was the second stock exchange traded gold index type product to be listed in the world. As the AQUA change has to be voted on by holders, we thought it would also be a good time to make some small changes to improve PMG, the key ones being:
· removal of the 31 December 2013 expiry date
· removal of the exercise price ($0.50 per ounce)
· removal of the need to expire PMGs in the case of a Force Majeure event
The change will also result in the ASX code changing from ZAUWBA to PMGOLD, which is far more marketable. PMG’s management fee of 0.15% pa is the lowest in the gold ETF market worldwide and we will be looking to promote this and its other features if the changes are approved.
If you are a holder of PMGs, please send your vote in. To get the change approved we need 75% or more of votes cast, which is a large hurdle.
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