Australia: WestSide Raises AUD 25.4 Million

WestSide Raises AUD 25.4 Million

WestSide Corporation announced that the Company’s fully-underwritten, 2-for-5 pro rata non-renounceable Entitlement Offer and Top Up Facility at A$0.25 per share, raising $25.4 million, has closed well oversubscribed.

The Offer was oversubscribed with demand exceeding the 101,676,540 shares available under the Offer by 19 per cent. WestSide’s Australian and New Zealand-based shareholders took-up, on average, 93 per cent of their Entitlements.

Major shareholders Energy Infrastructure Trust and New Hope Corporation Limited and all Non-executive Directors subscribed for their full Entitlements. Executive Chairman Angus Karoll took-up 96 per cent of his Entitlement.

Mr Karoll said: “We value the very solid support received from both our retail and institutional shareholders to enable WestSide to pursue near-term growth aspirations across the Company’s various operations in Queensland.

Mr Karoll said work during the year ahead would be directed at maintaining and increasing gas production at Meridian SeamGas to supply existing and future customers and advancing joint venture exploration programs within WestSide’s other Bowen Basin and Galilee Basin tenements.

WestSide received applications totalling $30.0 million in respect of the Offer, including applications for Entitlements of $19.8 million and applications under the Top Up Facility of $10.2 million. As applications under the Top Up Facility have exceeded the shortfall, no New Shares are required to be taken up by the Underwriter, RBS Morgans Corporate Limited.

LNG World News Staff, April 12, 2012