Vintage Energy, an ASX-listed oil and gas explorer where Bolton’s Keybridge Capital popped up above the substantial shareholding mark in February, was in discussions with investors over the weekend for a shot-in-the arm equity raising.
Vintage’s brokers were building support for an $8 million placement and rights issue at a circa 37.5 per cent discount to the last traded price and a 40.3 per cent discount to the 15-day volume weighted average price. In all, that’s about 92 per cent of the Vintage’s existing securities on issue. The terms were still being discussed with potential backers, ahead of a trading halt and formal launch on Monday morning.would play the raise. It would be highly unusual for an activist investor to allow itself to be diluted significantly, but Keybridge’s shares have been suspended since March 1, pending ASX queries on its December half reporting February 29.It had $1.9 million cash and $13.
It’s not a stretch to say Vintage Energy, where Bolton’s Keybridge was paying 2.6¢ a share as recently as December, has been far from a successful trade given its $1.31 theoretical ex-rights price. As for Vintage Energy, chaired by former Beach Energy boss Reg Nelson and down 46.7 per cent year-to-date, the company would be hoping its broker syndicate can come good on the raise to keep the lights on.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.is a co-editor of the Street Talk column.
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