DART ON TARGET FOR LISTING

Written on the 10 June 2010

DART ON TARGET FOR LISTING

ARROW Energy’s proposed offshoot Dart Energy is on track to start trading on July 20 priced somewhere between $0.60 and $1.60, according to chief financial officer Graham Yerbury (pictured).

Dart Energy would consist of 90 per cent of Arrow International, as well as farm-in rights to Apollo Gas’ New South Wales tenements and shares listed in Australian companies.

Ambiguous perhaps, but Yerbury says he’d be a ‘bandit’ to predict the actual price of a Dart share.

“Given the one for two Arrow shares set-up, it’s looking like it will be between 60 cents and some forecasts are going all the way up to $1.60,” he says.

“With continued volatility in the stock market it’s really hard to predict, but the issue is how many people who own shares in Arrow will want shares in Dart?

“What we’ll probably see is people looking who actually want shares in Dart, but the hedge funds have been more pressed on the Shell acquisition than the demerger.”

Dart will start trading on a deferred settlement basis, while Yerbury says the company will also likely issue a share placement worth between $20 million and $30 million to raise capital.

Dart Energy CEO Simon Potter says the company will be different to other new listings because it is a well-established company with a low-cost business model and resources, holding six offices and employing 80 staff.

“In our portfolio we’ve got opportunities for scale - we’re starting out at the same size that Arrow was in 2007. The company will have the assets, resources and systems that you would expect with a company of that size,” he says.

Arrow Energy CEO Shaun Scott says that regardless of how shareholders vote on the acquisition deal, if they vote for the demerger agreement then Dart will still list as a separate entity.


Latest News

VITA GROUP POSTS STEADY RESULTS DESPITE ROUGH YEAR

IT'S no secret Vita Group (ASX: VTG) has had a testing year, however the company has still managed to deliver ...

KOGAN BREAKS FORECASTS IN ITS FIRST YEAR OF PUBLICLY LISTED TRADE

RAISING the bar high in its first year as a publicly listed company, Kogan.com (ASX: KGN) has smashed its forecast...

CAMPLIFY MOTORS INTO THE UK MARKET

CARAVAN hire and RV sharing community Camplify has made its move in the European market, establishing its first op...

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter