Pike River Coal IPO Closes Oversubscribed - Shares Allotted
Wednesday 18 July 2007, 8:44PM
By Mediacom
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Pike River Coal Limited (Pike River) advises that its initial public offer (IPO) closed on 10 July 2007 heavily oversubscribed. The company received applications considerably in excess of the $65 million minimum sought and the $20 million of oversubscriptions able to be accepted.
The Pike River board yesterday authorised the allotment and allocation of 85 million shares. Excess applications in the public pool and from NZOG shareholders who have applied for significantly larger allocations than their preferential entitlement, have been subject to scaling. Pike River CEO Gordon Ward said “the level of demand for shares in the IPO represents a very promising start to Pike River’s future as a listed coal companyâ€Â.
Andrew McDouall, Managing Director of McDouall Stuart Securities Limited, the Lead Manager of the IPO said “the widespread support for the issue included significant institutional and private client support from New Zealand, Australian and other offshore investors. Many investors had commented on how good it was to be associated with a capital raising that was going to add significant economic growth to the West Coast and provide New Zealand export earnings for many yearsâ€Â.
Pike River shares will be listed on the NZSX on 20 July 2007, and will list on the ASX shortly thereafter, under the trading code “PRCâ€Â. If Australian resident shareholders wish to trade Pike River shares on the NZX, including during the intervening period prior to listing on the ASX, they should contact the company’s share registrar – Computershare Investor Services Limited.
The Pike River board yesterday authorised the allotment and allocation of 85 million shares. Excess applications in the public pool and from NZOG shareholders who have applied for significantly larger allocations than their preferential entitlement, have been subject to scaling. Pike River CEO Gordon Ward said “the level of demand for shares in the IPO represents a very promising start to Pike River’s future as a listed coal companyâ€Â.
Andrew McDouall, Managing Director of McDouall Stuart Securities Limited, the Lead Manager of the IPO said “the widespread support for the issue included significant institutional and private client support from New Zealand, Australian and other offshore investors. Many investors had commented on how good it was to be associated with a capital raising that was going to add significant economic growth to the West Coast and provide New Zealand export earnings for many yearsâ€Â.
Pike River shares will be listed on the NZSX on 20 July 2007, and will list on the ASX shortly thereafter, under the trading code “PRCâ€Â. If Australian resident shareholders wish to trade Pike River shares on the NZX, including during the intervening period prior to listing on the ASX, they should contact the company’s share registrar – Computershare Investor Services Limited.