Australia: DUET Completes Placement

DUET Group announced the successful completion of the fully underwritten placement to raise approximately $100 million.

The bookbuild conducted for the placement was oversubscribed, achieving a final price of $2.06 per new stapled security.

The Placement price represents a:

– 1 .0 % discount to last close on 30 August 2013 ($2.08 ) ; and

– 0 .1 % premium to 5-day volume weighted average price ($2.057).

A total of 48.5 million New Stapled Securities will be issued under the Placement , and these will rank equally with existing stapled securities.

DUET ‘s Chief Executive Officer, Mr David Bartholomew said, “We are delighted by the level of interest and support from our existing stapled securityholders wishing to participate in the offer. The successful Placement demonstrates strong in vestor support for the Group and for the Wheatstone As hburton West Pipeline Project.”

As announced before, the rroup will use the funds raised from the placement to fund the Wheatstone Ashburton West Pipeline Project. The project is expected to be completed by December 2014 at a total cost of $94.9 million , generating $13 million of forecast cash available for distribution in CY 2015.

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LNG World News Staff, September 4, 2013; Image: DUET