Linc Energy, the Australia-based energy group, has priced its IPO at SGD 1.20 per share, according to a company press release.
SUMMARY OF THE OFFERING
The Company
Linc Energy Ltd, a public company incorporated in the Commonwealth of Australia with limited liability.
The Offering
47,850,000 Offering Shares consisting of the Placement and the Public Offer (subject to the Over-allotment Option). The completion of the Public Offer and the completion of the Placement are each conditional upon the completion of the other.
The Placement
The Placement comprises a placement of 47,350,000 Offering Shares at the Offering Price to investors, including institutional and other investors in Singapore, outside the United States in reliance on Regulation S and within the United States only to qualified institutional buyers in reliance on Rule 144A, on the terms and subject to the conditions contained in this offering document. Following the bookbuilding process by agreement between the Joint Bookrunners and Joint Lead Managers and us, we understand that Genting (as defined herein) intends to subscribe for 47,850,000 Offering Shares.
The Public Offer
The Public Offer comprises 500,000 Offering Shares offered by way of public offer in Singapore at the Offering Price, on the terms and subject to the conditions contained in this offering document.
Clawback and Re-allocation
Offering Shares may be re-allocated between the Placement and the Public Offer at the discretion of the Joint Bookrunners and Joint Lead Managers after consultation with us in the event of an excess of applications in one and a deficit in the other, subject to the minimum holding of shares and distribution requirements of the SGX-ST.
Offering Price
SGD 1.20 for each Offering Share. Investors in the Placement may be required to pay a brokerage fee (and if so required, such brokerage fee will be up to 1% of the Offering Price).
Price Determination
The Offering Price was determined following a book-building process by agreement between the Joint Bookrunners and Joint Lead Managers and us.
Lock-ups
We have agreed with the Joint Bookrunners and Joint Lead Managers, subject to certain exceptions, that we will not issue, offer, sell, contract to sell, pledge, sell any option or otherwise transfer or dispose of, directly or indirectly, any Shares, without, in each case, the prior written consent of the Joint Bookrunners and Joint Lead Managers (such consent not to be unreasonably withheld), from the date of the Singapore Offer Agreement dated the date of this offering document (the “Singapore Offer Agreement”) until six months after the Listing Date (both dates inclusive) (the “First Lock-up Period”).
Credit Suisse (Singapore) Limited, DBS Bank Ltd., and J.P. Morgan (S.E.A.) Limited are the joint issue managers, joint bookrunners and joint lead managers for the Offering (the “Joint Issue Managers” or “Joint Bookrunners and Joint Lead Managers”)
LNC Price at posting:
99.5¢ Sentiment: LT Buy Disclosure: Held
