African Platinum (Afplats) has pulled out of its proposed listing on the American Stock Exchange, following advice from its advisers.

The company said that it had halted its application for the listing owing to reasons of "cost/benefit analysis" and flexibility.

In its latest annual report, the London-listed firm had revealed it had made an initial filing for a US listing.

It said that it would continue to look at possible overseas listing opportunities to complement its existing London quotation.

In another announcement, Afplats revealed that it has appointed JPMorgan Cazenove as its nominated advisor and broker.

JPMorgan Cazenove will also act as sole broker to Afplats for the purposes of rules set down by London Stock Exchange's Alternative Investment Market, on which the company listed in 2002.

Roy Pitchford, chief executive, said: "Following the recent release of the Leeuwkop project feasibility study and the increasingly tangible nature of the company's operations, we have reached a stage where the board feels that the time has come for the company to move its corporate affairs to JPMorgan Cazenove."

Its flagship Leeuwkop project is situated on the western limb of South Africa's Bushveld Igneous Complex, described as the world's major platinum region.

Ÿ Adfero Ltd