Clifford Chance

Clifford Chance advises on two market firsts in Zambia depository receipt listing

Clifford Chance has advised The Bank of New York Mellon as depositary bank on the listing of depositary receipts by First Quantum Minerals on the Lusaka Stock Exchange (LuSE). This is the first ever listing of depositary receipts on an African exchange and is also the first ever Zambian depositary receipt issuance.

The common shares of First Quantum Minerals, the Canadian mining and metals company, are listed  on both the Toronto Stock Exchange and London Stock Exchange. Each Depositary Receipt represents 1/140 of an ordinary share and trades on the LuSE under the symbol “FQMZ”.

Tim Morris, lead partner on the transaction said:

"We are delighted to have been chosen to represent BNY Mellon on this double market first and to have been involved in such an innovative transaction in a part of the world which is of great strategic interest to Clifford Chance."

The Clifford Chance team was led by partner Tim Morris and senior associate Andrew Bryan.