Analyst Research Report Snapshot

Title:

Flash Note – Petra Energy (ADD, maintain) - Issue price for rights shares fixed at RM1.15

Price:

$23.00

Provider:

Affin Investment Bank

Date:

27 Feb 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

PTRE.KL

Available for Immediate Download
Summary:

Rights issue price fixed at RM1.15 Petra Energy announced that its Board of Directors had fixed the issue price of the 1-for-2 proposed rights shares at RM1.15 each. The issue price of the rights shares (50% of current share base) represents a discount of approximately 14% to the theoretical ex-rights price of RM1.34 (calculated based on 5-day VWAP). The ex-date for the rights issue is 11 March 2013 and entitlement date is 13 March 2013. In its earlier announcement, Petra Energy had procured irrevocable written undertakings from its major shareholders, namely Shorefield Resource (27.5%), Wasco Energy (26.9%) and Dato’ Mohamed Nizam bin Abdul Razak (9.1%) to subscribe in full their respective number of right shares entitlements.

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