December 2, 2004
Italian gasfield development company Po Valley Energy (Po Valley) today announced that its initial public offering has closed early and oversubscribed. Po Valley Energy raised $20 million after offering 20 million shares at $1.00 each to investors ahead of its expected December 16 listing on the Australian Stock Exchange. The company will have a market capitalisation of $70 million. Po Valley Energy’s Chief Executive Officer Michael Masterman said the demand for shares demonstrated investor confidence in the upcoming listing. “This is a great result, giving Po Valley a strong and balanced register for our debut on the ASX,” said Mr Masterman.
“Our focus is on commencing drilling of our two major projects, Sillaro and Vitalba, as quickly as possible. We are extremely pleased to see investors respond positively to our business model, our experienced management team and our advanced projects.” Upon listing, shareholders who participated in the offer will own approximately 29% of the shares on issue, with existing shareholders holding approximately 71%. Equity Capital Markets Limited (ECM) is the lead manager and underwriter to the offer. Macquarie Equities Limited is the broker to the offer.
ECM Chairman Greg Bundy said the interest in Po Valley Energy has been generated through its unique offering to provide investors an opportunity to participate in the development of significant gas reserves in Italy.
On completion of the drilling program, Po Valley will focus on bringing its three development fields (Santa Maddalena, Vitalba and Sillaro) into production by December 2005.
For more information about Po Valley Energy, please contact:
President & CEO
+39 06 6992 5154
Ann M. Nahajski
+61 08 9386 1233
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