Perth-based RMA Energy Ltd, previously Ansett Energy Ltd, has re-badged and re-invented itself as a resources company with a $4.2 million initial public offer, the company announced today.
Perth-based RMA Energy Ltd, previously Ansett Energy Ltd, has re-badged and re-invented itself as a resources company with a $4.2 million initial public offer, the company announced today.
The company, formerly based in South Townsville, aims to raise the money through the sale of 17 million shares at 25 cents each, to fund the purchase of six Queensland tin, coal and uranium tenements.
RMA will be chaired by Terence John Byrt, a private prospector who also serves as a director of Ansett Resources and Industries Pty Ltd and Ansett Regional Airlines Pty Ltd.
The three companies, along with Mr Byrt and associate Robert William Kirby, are currently facing legal action brought by the administrators of failed former national carrier Ansett Australia Ltd, alleging breaches of the Trade Marks and Trade Practices Acts.
RMA said in its prospectus that most of the allegations were directed at other respondents to the airline's claim.
"The principal allegation against the Company is in respect to the use of the word 'Ansett' in its name," the company said.
The company changed its name on April 13 this year.
Mr Byrt has agreed to indemnify RMA for all legal costs and other costs and damages the company may incur under the proceedings.
Two of the six tenements the company aims to acquire are owned by Ansett Resources, which will sell them for 10.5 million shares and $119,000.
The remaining four are owned by Messrs Byrt and Kirby, along with Judy-Anne Galway, to be sold for $281,000 (payable to Ansett Resources) and 25 million shares, to be distributed to Ansett Resources, Kylie Jane Gavin and Joanne Maree Milicevic.
With a 50 per cent stake in Ansett Resources, Mr Byrt will hold a 51.5 per cent stake in RMA once the company is floated on the ASX.
Joining Mr Byrt on the board will be executive directors Clive Triplett and Wilson Starr, with Sino Gas & Energy Ltd chairman Geoff Clifford and former Aztec Resources managing director Peter Bilbe serving in a non-executive capacity.
BDO Kendalls Audit and Assurance (WA) Pty Ltd will serve as auditors to the company, with BDO Kendalls Corporate Finance Pty Ltd acting as investigating accountants. The company has employed Grange Consulting Group Pty Ltd as its corporate advisor, with solicitors Blakiston & Crabb acting for the company.
A solicitors report was prepared for the prospectus by Queensland-based Hopgood Ganim Lawyers.
The company will open May 9 and close June 1.
No oversubscriptions will be accepted.
The full text of a company announcement is pasted below
Western Australian based diversified resources company RMA Energy Ltd has launched an IPO that offers investors a unique blend of projects targeting potential energy and/or mineral discoveries over a broad range of commodities.
The IPO is seeking to offer 17,000,000 Shares at an issue price of 25 cents each, to raise a total of $4.25 million.
RMA has entered into Tenement Sale Agreements to acquire six strategic exploration projects in Queensland comprising the McCauley Creek, Cliffdale Creek, Emerald, Coane Range, Bulburrum and Moonie Projects. These Projects are prospective for tin, uranium and coal as well as a range of other minerals.
The Company will initially focus its exploration on further defining and proving up JORC compliant mineral resources at the McCauley Creek, Coane Range and Cliffdale Creek Projects. These Projects are each prospective for uranium with Coane Range also containing tin mineralisation that will be a key exploration focus for the Company. The tenements comprising the Bulburrum and Moonie coal projects are currently under application.
The Board of RMA intends to review its exploration budget subject to these tenements being granted to the Company in due course.
RMA has assembled a well-balanced Board of Directors with wide experience in the development of mineral exploration projects. The Board believes that the Company is well placed to utilise these skills to enhance value for shareholders.
Full details of the RMA board are detailed in the editors notes.
RMA Chairman Terry Byrt believes that, upon listing, the company will fast-track exploration and development activities associated with each of its projects.
"RMA Energy has collated some of the best assets in Australia, and it is our intention to fast-track the development of these assets once our prospectus is closed and we list on the ASX," Mr Byrt said.
"I have spent over twenty years acquiring these tenements and it is now time for an injection of capital that will see these tenements developed in line with their potential.
"We know we have considerable work to do, however we believe that upon listing we will be able to immediately commence work on these highly prospective projects."
