InDaily InDaily

Support independent Journalism Donate Subscribe
Support independent journalism


Sundance launches USA capital bid


Comments Print article

Adelaide-based oil and gas explorer Sundance last night launched a US$150 million IPO and US listing.

“Sundance filed a Registration Statement with the U.S. Securities and Exchange Commission in connection with an initial public offering of securities in the United States with a listing on the NASDAQ Global Select Market,” the company confirmed today.

Proceeds from the offering would be used to accelerate Sundance’s current developments in the US and for acquisition of additional mineral leases or oil and gas wells in its core areas

“Sundance expects the NASDAQ listing to facilitate greater market efficiency and participation, which the Board believes would likely promote greater value creation for both Sundance’s current principally Australasian and future North American investor bases,” the company statement said.

Sundance will hold an extraordinary general meeting seeking approval from shareholders under Australian Securities Exchange Listing Rules for the placement of the shares Sundance Energy Australia Limited.

Sundance said it proposes to raise approximately US$150 – 180 million under the IPO through the issuance of up to 20 million American Depositary Shares1 (ADSs), with each ADS representing a certain number of fully paid ordinary shares of Sundance (Shares) to be determined at pricing of the IPO.

While there will not be a public offer in Australia, Australian sophisticated and professional investors may participate in the US IPO as an Australian private placement.

Sundance said the IPO and listing will give it access the US public equity market for funding the further development of its US oil and gas projects.

“The United States has the world’s largest capital markets.”

Following Sundance’s proposed listing on NASDAQ, Sundance would continue to maintain its primary listing on the ASX with the secondary listing on NASDAQ.

Sundance’s ordinary shares would continue to trade on ASX in A$ and its ADSs would trade on NASDAQ in US$.

Make a comment View comment guidelines

Make your contribution to independent news

A donation of any size to InDaily goes directly to helping our journalists uncover the facts. South Australia needs more than one voice to guide it forward, and we’d truly appreciate your contribution. Please click below to donate to InDaily.

Donate here
Powered by PressPatron


Show comments Hide comments
Will my comment be published? Read the guidelines.

More Business stories

Loading next article