Dart Energy Limited has successfully completed the institutional component of its underwritten 5 for 22 accelerated non-renounceable pro-rat…
The Institutional Entitlement Offer was strongly subscribed, with approximately 98% of eligible institutions taking up their entitlements and with many seeking to acquire shares in excess of their pro-rata entitlement. All new shares to be issued under the Institutional Entitlement Offer have been allocated to existing Dart shareholders.
Dart Chief Executive Officer, Mr Simon Potter , said:
“ The strong take-up of this capital raising shows support for Dart’s management and their strategy of developing energy assets across Asia and in other high value gas markets. We appreciate this support from our existing shareholders, and look forward to the launch and successful completion of the retail component of the issue. Dart’s accelerated work program, to be funded from this share issue, is expected to create significant new shareholder value over the next year .”
Dart expects its trading halt to be lifted and shares to recommence trading from market open today.
The Institutional Entitlement Offer will raise approximately A$53 million through the issue of approximately 71 million new shares at an issue price of A$0.75 per share, with the balance of the A$100m fund raising to be through the Retail Entitlement Offer. The new shares issued under the Institutional Entitlement Offer will rank equally with existing shares from allotment. Settlement of the Institutional Entitlement Offer is expected to be completed 3 May, 2011, with trading of new shares issued under the Institutional Entitlement offer to commence on 4 May, 2011.
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Source: Dart Energy, April 20, 2011;