I have been in communication with my UBS contacts in Singapore/ Melbourne and i understand that Marketing of the IPO prospectus commences on June 4th. From the sounds of things many misunderstood the "3 month delay" - It was delayed 3 months from the release of the Quarterly Report dated 31st March.
Furthermore i have been informed that Singaporean regulatory authorities were given 6-7 weeks from 4th April to approve the listing which has all but occurred. Therefore as marketing of the $150m IPO is expected to commence in early June we should expect an update on this process any day.
The $150m raised will be for 25-30% only of the international asset portfolio - Dart Energy to retain 70-75%. Current Market cap of circa $170m... The IPO will provide a lookthrough valuation base case at $500m for the International Assets alone which makes this a no brainer.
Furthermore the funding together with the current $90m+ cash balance and Loan Facility will ensure that Dart Energy is fully funded to production.
Very much looking forward to an update on this. I think that we have well and truly seen the bottom and the rise back up will be so much more vigorous due to the short covering which is in store.
Happy to share some more info offline - advise your email addresses.
DTE Price at posting:
22.3¢ Sentiment: Hold Disclosure: Held
