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+--- Thread: Santos completes institutional portion of offering pps tanks (/showthread.php?tid=9341)
Santos completes institutional portion of offering pps tanks - Palm - 11-12-2015
Santos raised in excess of $1 billion in the institutional portion of their raise and pps is tanking 25%. They had a TO offer of well over $6 and right now pps is in the $3s and very volatile. Will be interesting to how see pps does as things progress.
http://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvQk4L4gy0pnOSr5lJ2%2Fk%3D
RE: Santos completes institutional portion of offering pps tanks - Stavros - 11-12-2015
Their share price went from A$ 5.92 to A$ 4.24 as I write this.
This is still measurably ABOVE the share price at the end of September!
This is a good thing for Santos to my opinion.
RE: Santos completes institutional portion of offering pps tanks - Palm - 11-12-2015
Better yet analysts feel it will be good LT for Santos and shareholders assuming the energy industry recovers reasonably. With Gladstone still the main project, "It’s a beautiful project at $100 a barrel. It’s OK at $75. At sub-$50, it’s a problem.”
With a new CEO coming onboard in 2016, the future can be bright for Santos and shareholders.
RE: Santos completes institutional portion of offering pps tanks - Stavros - 11-12-2015
Here's some additional background information courtesy of The National:
Santos raising A$3bn from shareholders to keep bidders
Source: The National, Tuesday November 10th, 2015
SANTOS is selling a stake in a gas field and raising A$3billion (K6 billion) from shareholders and a Chinese investor to bolster its balance sheet and fight off opportunistic bidders following the plunge in global oil prices.
The Australian oil and gas producer unveiled capital initiatives on Monday that include a A$2.5 billion (K5.05bn) fully underwritten equity raising and a A$500 million (K10m) private placement with Hony Capital that will increase the Chinese private equity group’s stake to 7.9 per cent.
It is also selling its 35 per cent stake in the Kipper gas field off the southern coast of Australia to Mitsui E&P Australia for A$520m (K1050m).
The moves follow Santos’ rejection last month of a A$7.1 billion (K14.35bn) takeover bid from Scepter Partners, an investment group backed by Middle Eastern and Asian royalty and managed by former Blackstone bankers, which it said did not reflect fair value.
“The A$3.5 billion (K7.07bn) of capital initiatives reinforce the Santos balance sheet and mark a significant step towards restoring long term value for shareholders,” Santos executive chairman Peter Coates said.
A person with knowledge of Scepter’s bid said Santos’ sale of a near 10 per cent stake to Hony meant Scepter would probably walk away.
Under Australian takeover rules Scepter would need to secure 90 per cent acceptance from shareholders to gain full control of the company.
Santos said on Monday that it had appointed Kevin Gallagher, currently chief executive officer of Australian Engineering Services group Clough Ltd, as its managing director and chief executive officer.
Gallagher will take the helm early in 2016, subject to agreement on a release date with Clough. – Financial Times