19 September 2006Company AnnouncementsThe Australian Stock...

19 September 2006
Company Announcements
The Australian Stock Exchange
20 Bridge Street
SYDNEY NSW 2000
Dear Sir/Madam
ANNOUNCEMENT
Boulder engages leading U.A.E. investment bank to raise capital
The directors of Boulder Steel Limited are pleased to announce major progress on the
funding of:
• The Australian seamless tube project including a potential seamless steel tube
finishing facility in the Middle East (the “Seamless Tube Project”); and
• The expansion of the Euro Forming Services (“EFS”) business.
Boulder’s Managing Director, Dr. Peter H. Wallner, signed financial advisory and capital
raising mandates with Abu Dhabi headquartered investment company, The National Investor
(“TNI”). In terms of the signed mandates Boulder has appointed TNI to act its exclusive
financial advisor, lead manager, lead arranger and bookrunner in relation to the following
investment banking services:
• The raising of US$ 600 million of debt and equity, pending finalization of a bankable
feasibility study, to fund the Seamless Tube Project. It is Boulder’s intention to
establish a UAE-based subsidiary to undertake the Seamless Tube Project (the
“Subsidiary”);
• As part of the US$ 600 million referred to above, US$ 150 million will be raised
through a secondary listing of Boulder on the Dubai International Financial Exchange
(“DIFX”). This amount may be reduced to the extent that Middle Eastern investors
directly participate as minority shareholders in the equity of the Subsidiary; and
• The raising of US$ 15 m for the expansion of Boulder’s 50% owned EFS business
through an equity private placement. Potential investors have already been identified
and due diligence will proceed shortly.
BOULDER STEEL LIMITED
A.C.N 009 074 588
Head Office: Suite 4, 25 Anderson Street, Chatswood 2067
Telephone: (+ 61 2) 9413 1811 Fax: (+ 612) 9419 2818
Postal Add: PO Box 701, Chatswood NSW 2067, AUSTRALIA
Web: www.bouldersteel.com.au Email: [email protected]