On 4 September Dart Energy Limited announced a capital raising totalling $20.7 million.
The capital raising comprised two components:
The Company announced that the Entitlement Offer has seen applications for shares including entitlements and additional share applications of approximately $23.3 million resulting in oversubscriptions of approximately $14 million. The Company has received applications from almost 5,000 shareholders for approximately 80 million entitlement shares ($7.2 million) under the Offer and applications from over 2,500 shareholders for additional shares of approximately 180 million ($16.1 million) under the shortfall facility that was available under the terms of the Entitlement Offer.
All shareholders who had submitted valid applications by the closing of the Entitlement Offer will receive their full pro-rata entitlement under the Entitlement Offer. Any late applications will be returned in full.
In relation to applications for additional shares made by shareholders pursuant to the shortfall facility the Company has resolved to allocate the shortfall on the following basis:
Refund cheques for unsuccessful additional share applications will be despatched on or around 10 October 2013.
The issue of new shares under the Entitlement Offer will be completed on 9 October 2013. The new shares under the Entitlement Offer are expected to commence trading on the Australian Securities Exchange on 10 October 2013.
Dart Chairman, Nick Davies , said: “At completion of this capital raising Dart will have total cash of approximately $49.5 million, of which $24 million is restricted due to guarantees, leaving free cash of over $25 million. It provides Dart with greater certainty of funding and thus financial strength as the Company progresses its unconventional gas field activities over the coming year primarily in the UK along with some focussed activity in China and Indonesia. Dart also has a number of commercial discussions underway regarding farm-outs, joint ventures, and asset sales, and the strengthened balance sheet will provide Dart with greater negotiating flexibility in this regard. We are confident that the work program and other initiatives we have planned will provide a strong platform for future shareholder returns.”
[mappress] LNG World News Staff, October 07, 2013