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Altona Energy
- BY: Andrew Hore |
- POSTED: 03/08/2009 |
- COMMENTS: Add yours
Altona Energy’s main Hong Kong investor is not subscribing for more shares in the company following the recent joint venture agreement announced by Altona.
Altona is developing the Arckaringa coal-to-liquids project in South Australia. CNOOC New Energy Investment Ltd, a subsidiary of China National Offshore Oil Corporation, will take a 51% interest in the overall project. In return it will finance a bankable feasibility study.
Hong Kong-based Tongjiang International Energy is not going to subscribe for a third tranche of shares as originally planned. Tongjiang was originally going to subscribe £8m at 4.85p a share during 2008. The cash is no longer needed for the bankable feasibility study.
Invesco Perpetual has invested £500,000 at 4.1p a share for a £3.29m stake in Altona. This will provide working capital for the business. Shares in Altona rose 0.18p to 4.1p each, which values the company at £14.7m.
Tongjiang still owns just over one-fifth of Altona.
The joint venture is still conditional on Australian and Chinese regulatory and government approvals. The terms sheet that has been signed is not legally binding.
The agreement covers other processing projects using Arckaringa’s coal. The final projects identified for development will be held through special purpose vehicles and Altona will not necessarily own 49% in each of them. Altona has the right to buy back the CNOOC stake in certain circumstances, if CNOOC decides not to continue with the project.
The original memorandum of understanding was announced in August 2008.
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