Funds from book-building placement for oil, gas growth opportunities
By Marisa Wong
Madison, Wis., Oct. 25 - Mermaid Marine Australia Ltd. said it will raise A$30 million through a non-underwritten placement of ordinary shares to institutional investors in a book-building process.
The company will issue approximately 11.6 million ordinary shares at a base price of A$2.58 per share, representing a 4.8% discount to the A$2.71 closing share price on Oct. 25.
Morgan Stanley Australia Securities Ltd. is lead manager for the placement.
The company also plans to offer eligible shareholders up to A$15,000 of new Mermaid Marine shares in a share purchase plan.
The price of the shares under the share purchase plan will be set at the lower of the placement price and the price equal to a 2.5% discount to the five-day volume-weighted average price of Mermaid Marine stock prior to and including the share purchase plan closing date.
The placement is expected to settle on Oct. 29.
The company will use the proceeds to pursue a number of growth opportunities in the oil and gas vessel support market in Australia and internationally.
Based in Fremantle, West Australia, Mermaid Marine provides diversified marine services, including operating crew vessel charters and supply base facilities.
| Issuer: | Mermaid Marine Australia Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$30 million
|
| Shares: | 11.6 million
|
| Price: | A$2.58
|
| Warrants: | No
|
| Agent: | Morgan Stanley
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 29
|
| Stock symbol: | Australia: MRM
|
| Stock price: | $2.71 at close Oct. 25
|
| Market capitalization: | A$511.3 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
