Australia’s Linc eyes S$57m in Singapore IPO
JOHANNESBURG (miningweekly.com) – Diversified energy group Linc Energy is hoping to raise S$57.4-million in its initial public offering (IPO) on the Singapore Exchange.
The miner on Thursday launched its IPO of 47.85-million ordinary shares at an offering price of S$1.20 each.
Linc reported that it had received the support of Singapore-based Genting Strategic Investments, which had the option to subscribe for up to 10.75-million ordinary shares at the offering price at any time during listing date until six months thereafter.
Genting would also subscribe for 47.85-million offering shares following the book-building process.
Based on the total issued and paid-up ordinary share capital of more than 571.1-million ordinary shares, the offering shares would comprise about 8.4% of the issued and outstanding capital of Linc Energy after the completion of the offer.
Linc would delist from the ASX once its Singapore listing has been established, and has previously earmarked the possibility of divesting or de-merging its coal division, New Emerald Coal, once this listing is completed.
The New Emerald Coal assets include the Blair Athol mine, which was acquired from mining giant Rio Tinto in October.
The divestment of its coal division, which was valued at about A$440-million and has a Joint Ore Reserves Committee-compliant resource of 344.2-million tonnes, was in line with the company’s strategy of focusing on its core energy business of conventional and unconventional oil, gas, shale gas and underground coal gasification (UCG), while unlocking value for shareholders.
In November, Linc announced that it would shut its UCG research and development facility in Queensland and move abroad, blaming regulations for its move overseas.
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