Expiry of Barminco escrow period and sale of shares by Gresham

30-Aug-2019 Intellasia | | 8:29 AM Print This Post

Diversified mining services company Ausdrill Limited trading as Perenti Global (ASX: ASL) (Perenti) refers to its ASX announcement of 15 August 2019.

Perenti has been advised by Gresham Private Equity Limited and its associated entities (Gresham) that Gresham has entered into a Block Trade Agreement, which is fully underwritten by J.P. Morgan Securities Australia Limited, to sell 48,045,233 Perenti shares at a price of $1.88 per share.

This trade represents the remaining Perenti shares in which Gresham has a relevant interest.

As noted in the announcement dated 15 August 2019 the beneficial holders of 13,741,900 shares previously held by Gresham elected to have the shares transferred or distributed to them in specie. Perenti believes it is the current intention of those beneficial shareholders to continue to hold their investment in the company.

This transaction removes the uncertainty in the market regarding the Gresham ‘overhang’ and is on the back of Perenti’s strong FY19 results and FY20 outlook.

Perenti’s Managing Director & CEO, Mark Norwell, said “the conclusion of the escrow period and Gresham’s move to sell the remaining shares, post the Barminco acquisition last year, completes what has clearly been a very positive acquisition for Perenti.

“With our FY19 results exceeding expectations and solid FY20 guidance, on the assumption that the positive market, and global and regional conditions remain favourable, we see Perenti well positioned for FY20 and beyond.”

Please click here to view the ASX announcement.


(Source: FTI Consulting, Strategic Communications Perth)


Category: FinanceAsia

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