Gas play Renergen puts recut equity raising to investors

Gas play Renergen puts recut equity raising to investors

Street Talk

Dual listed natural gas and helium producer Renergen had stockbroker MST drumming up interest in a quick $10 million placement after market close on Tuesday.

Street Talk. Louise Kennerley

MST was offering CDI at $2.14 each, a 10.1 per cent discount to the last close and 7.9 per cent less than the 30-day volume weighted average price. Bids were due 7pm.

The deal size was half of the $20 million that Renergen and MST mailed out term sheets for two weeks ago. That raise was at $2.17 a share and was iced.

Renergen is listed on the ASX with a $61 million market capitalisation, as well as on the Johannesburg Stock Exchange.

Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years’ experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com

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