Australian junior exploration floats, 2001–06, and their implications for IPOs

An analysis of 179 junior exploration floats, listed on the Australian Securities Exchange (ASX) between July 2001 and June 2006, helped to build a basic understanding of the strategy and business structure of these companies. The “typical” junior explorer raised A$4 million at initial public offering (IPO) to finance a 2-year, mainly greenfields exploration program. The capital raised at IPO entitled its investors to approximately half of the company, with the balance in the hands of the promoters, vendors and/or seed capital investors. Of the A$4 million raised at IPO, it intended to spend approximately two-thirds on exploration, while the remainder was absorbed in corporate overheads and the costs of the IPO. Once these were paid, ongoing corporate overheads averaged approximately 28% of its total operational expenditure. However, given an average total annual expenditure of approximately A$2.6 million, most juniors held insufficient capital reserves to meet operational costs beyond a time frame of 2 years. As at October 2006, 9% of the companies were in the process of mine construction, whereas 6% had made it to producer status. The lead time from listing to production ranged from 1.5 to 53 months, giving a median of 28 months.     

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浅析成本与市价孰低法

本文简要阐述了成本与市价孰低法,通过对该种方法的优缺点的讨论和评价,提出了在我国暂不推行该种计价方法,为以后能与国际惯列保持一致,并提出了相应的简便易行的对策。     

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