13/02/2007 - 13:40

PearlStreet closes $8m IPO fully subscribed

13/02/2007 - 13:40

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Perth-based asset management company PearlStreet Ltd has raised $8 million through its initial public offer, to fund future acquisitive growth.

PearlStreet closes $8m IPO fully subscribed

Perth-based asset management company PearlStreet Ltd has raised $8 million through its initial public offer, to fund future acquisitive growth.

 

The full text of a company announcement is pasted below

Asset management, asset integrity and engineering services contractor to the energy and resources sector, PearlStreet Ltd today announced it's $8 million Initial Public Offering ("Offer") had closed over-subscribed.

The Offer, which opened on 15 January, raised $8 million through the issue of 16 million shares at $0.50 per share.

Tolhurst Noall Limited acted as lead manager and NL Corporate was corporate advisor to the Offer.

PearlStreet expects to list on 23 February on the Australian Stock Exchange, where the shares will trade under the code PST.

PearlStreet Managing Director Anthony Wooles said the board was delighted with the investor response, which had been underpinned by interest in the Company's range of services as well as the quality of the Board and management team.

"The response indicates good support for PearlStreet's business model and growth strategy as we deliver shareholder value over the medium to long term," he said.

Proceeds from the Offer will be used primarily to provide increased capability for significant acquisitive growth, strengthen the Company's balance sheet to fund further business opportunities, and attract and retain key employees.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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