History
Lion Selection Group Limited (LSG), the predecessor to Lion Selection Limited, listed on the ASX on 24 July 1997, following an initial public offering (IPO) that raised A$100 million. LSG was established to provide equity capital and a range of management services to carefully selected Small and Medium Enterprises (SMEs) within the regulations of the Pooled Development Fund (PDF) Scheme. As a registered PDF, LSG and its shareholders received Australian taxation benefits on capital gains and dividends.
In May 2004 LSG’s previously wholly owned subsidiary AuSelect Limited was separately listed on the ASX through an IPO raising $50 million. AuSelect was listed to be more opportunistic, investing primarily in situations in which Lion couldn’t invest due to PDF restrictions.
In 2006 AuSelect successfully completed a takeover of Sedimentary Holdings NL. Sedimentary’s major asset was a 30% interest in the Cracow Gold Mine.
In April 2007 LSG merged with AuSelect to form a larger, more dynamic company. The merger was a merger of equals with LSG shareholders receiving 1 share in Lion for each LSG share previously held. LSG shareholders also received 61 options in Lion for every 1,000 shares previously held in LSG. AuSelect shareholders received 797 shares in Lion for every 1,000 shares previously held in AuSelect.
Lion now operates as a company without the PDF restrictions on investment and with a future growth strategy of building its investment and operations divisions.