The High Court yesterday approved plans by Ivernia West to move its listing from the Irish to the Canadian stock exchanges. Ivernia is the parent of a group of companies engaged in mineral exploration and its principal asset is its joint venture with Anglo American in the Lisheen zinc lead mine in Co Tipperary. Although this mine is in production, the company has not yet completed all commissioning tests and has not yet reached the stage of full commercial production.

Ivernia has interests in various other projects in Ireland, Australia and the US. Although the company recorded a loss of just over £1 million in its 1999 annual report, the group's balance sheet for the same period shows positive net asset value of £52.67 million.

Shares in the company are currently traded on the Exploration Securities Market (ESM) of the Irish Stock Market and the company also has a trading facility on the London Stock Exchange.

Yesterday, Mr Lyndon MacCann, for Ivernia, told Mr Justice McCracken that shareholders in the company had already approved the proposed relisting of the company on the Toronto exchange by an overwhelming majority.

In an affidavit, Mr Clayton Love, Ivernia chairman, said the directors had held the view for some considerable time that the traded price of the company's shares in the ESM had not reflected the underlying asset value of the company.

A listing on the Toronto exchange, where 18 per cent of shares quoted are in mining companies, was in the best interests of Ivernia because it would provide exposure in a manner not available on the Irish Stock Exchange, he said.

In re-domiciling itself in Canada, a new Canadian-registered holding company would be formed which would apply for primary listing on the Toronto exchange and a secondary listing on the ESM, Mr Love said.

Mr Justice McCracken, in accordance with sections of the 1963 Companies Act, approved the scheme of arrangement for the transfer.