Given some observers like to call Perth-based Neptune Marine Services "Worley Parsons in a wetsuit", it's no wonder the underwater maintenance company appeared to be having little trouble raising circa $60 million in new equity yesterday via house broker Patersons Securities, at 90c a share.
"Neptune, which last raised money in May at 60c, was in a trading halt yesterday, seeking to raise the funds to help fund two recent acquisitions, Sea-Struct and Aberdeen-based Ross Deeptech. The latter acquisition, for $25 million, was announced in October as Neptune looked to grow its presence in the North Sea marine services market.
The raising has also resulted in Neptune putting a little more flesh around its earning forecasts, confirming it is airming to deliver earnings per share of 6c to 7c, rising to 7.5c to 8.5c a share in the 2009 financial year.
Neptune, which also has diving and maintenance services operations in the US via is US Underwater Services business, is run by Chriatian Lange, a former executive at Texan-based global oilfied servies group Schlumberger."
NMS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
