Activity in the initial public offer market is heating up with two more Perth-based companies planning to raise a combined $22.5 million for their floats while WA carrier Skywest Airlines plans a return to the Australian bourse next month.
Activity in the initial public offer market is heating up with two more Perth-based companies planning to raise a combined $22.5 million for their floats while WA carrier Skywest Airlines plans a return to the Australian bourse next month.
Shareholders in Skywest approved at the company's annual general meeting that the securities in the AIM-listed airline also be listed on the Australian Securities Exchange.
The return to the ASX was to make it convenient for the airline's Australian shareholders.
Skywest plans to list on the ASX on December 7.
Meantime, uranium explorer Energia Minerals has launched its initial public offer, hoping to raise up to $7.5 million while coal explorer Blackcrest Resources aims to raise up to $15 million when it opens its IPO early next month.
Energia, which is currently a wholly owned subsidiary of Carbon Energy, plans to offer up to 37.5 million at 20 cents each with Southern Cross Equities managing the IPO.
Energia will acquire all the uranium assets in Carbon Energy's portfolio with the flagship project to be the Nyang project in the Carnarvon Basin, where more than 5,000 metres of drilling was been completed.
The company said in its prospectus that it will spend up to $5.4 million on exploration in the next two years.
On the board are managing director Keren Paterson, non-executive directors Ian Walker and Max Cozijn and alternate director for Mr Walker, Leigh Bettany.
Energia plans to list on the ASX on December 30.
Blackcrest plans to raise up to $15 million in its IPO, with a minimum subscription of $10 million set.
Blackcrest formerly traded on the ASX as Reco Financial Services, a service-oriented insolvency and administration practice.
In August this year, the company entered into a conditional agreement to acquire 100 per cent of coal explorer Blackcairn Resources (Singapore) Pte Ltd, which has several binding and non-binding agreements covering four prospective coal projects in Indonesia.
Consideration for the acquisition is 78 million shares and 114 million performance shares, which Blackcrest said forms part of the IPO.
Should maximum subscriptions be achieved, Blackcrest said shareholders in Blackcairn will hold 43.4 per cent of the company at listing while investors who subscribed for shares in the IPO will hold 41.7 per cent.
Currently, Ross Kestel - who also sits on the boards of VDM Group and Regis Resources - is non-executive chairman at Blackcrest, however he will relinquish that position for Alan Broome and become a non-executive director once the IPO is completed.
Richard Cohen is chief executive and managing director and Greg Cornelsen is non-executive director.
The IPO is due to open on December 3 and the anticipated ASX listing date is January 15.
