Goldfields Credit Union may proceed with a demutualisation, capital raising and ASX listing early next year, more than 12 months after first floating the plan.Allan Pendal, chair of the board of GCU, said yesterday that he was "hopeful of approval" after resolving many issues with the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.Pendal said the credit union was waiting for clearance from APRA. He said GCU had preliminary approval from ASIC of a prospectus to support the capital raising.He also said GCU had received two offers from large credit unions interested in a merger, though the board preferred to proceed with a listing.Goldfields Credit Union, which is based in Kalgoorlie, had A$58 million in assets and $5.8 million in net assets at June 2011. It will be the smallest deposit-taking entity listed on the ASX if it achieves its milestone.The company plans to sell $9 million in new shares ahead of the ASX listing. Patersons Securities will manage that listing.Pendal said GCU had dropped plans for Patersons, a Perth-based investment bank, to nominate two directors to the board of GCU. This aspect raised "control issues", he said. These appear to have been the main obstacle to APRA's evaluation of the board's plan.Pendal said GCU would continue with its "partnership" with Patersons rather than the "alliance" proposed in November last year.Preparation for the demutualisation has cost Goldfields $740,000 so far, equal to around two years profit. The credit union recognised some of these costs in the profit and loss statement for the year to June 2011, and some as a deduction against equity.Three-quarters of the members of Goldfields CU, voting at a special meeting, will have to endorse the merger.Demutualisations of credit unions are rare. StateWest Credit Society folded into Home Building Society in 2005, which, in turn, merged into Bank of Queensland. MyState Financial in Tasmania listed in 2009.