Former Bermuda Stock Exchange (BSX)-listed minerals and luxury goods investment company Pallinghurst Resources (Guernsey) shifted to Johennesburg Stock Exchange (JSE) last week.

The company, which was founded by former BHP Billiton chief executive officer Brian Gilbertson and investment banker Arne Frandsen, has moved its primary listing from the BSX, where it had been listed for the past year. It did not raise any new funds on the JSE, but said the move fulfilled a commitment made to investors a year ago.

Greg Wojchiechowski, president and CEO of the BSX, said the move was nothing unusual, as the company had stated its intention to move to the JSE after one year in its offering document.

The initial distribution of shares was made to holders mainly in South Africa, thus it was moving closer to a market where the majority of its shareholders were.

"It is an illustration of how the BSX is important to companies starting up for listing and getting regulatory overviews, whether they stay listed on the BSX or move to another stock market," he said.

"It is truly a stepping stone or mezzanine for companies to start from."

The company raised about $170 million from 300 private and institutional investors, mostly with South African connections. Mr. Frandsenlast week said these shareholders, who put in amounts of between $5 million and $10 million each, were expected to be long-term holders, so initially liquidity in Pallinghurst shares would be low.

Mr. Gilbertson said only one trade, from a deceased estate, occurred in Pallinghurst's shares in the past year in Bermuda. He said if Pallinghurst's projects were successful, it might seek further funding on the JSE within a year or two, which would improve liquidity.

Asked whether Pallinghurst could swim against the tide of negative sentiment towards resources equities, Mr. Frandsen said it could not be unaffected by general market trends, "but we are saying we are doing a lot of exciting things now, so I would expect people to be cautious about selling".