Retail and institutional investors will be offered a total of 20 million shares at $1.00 each, representing 29% of Po Valley’s issued capital. It will have a market capitalisation of $70 million post completion of the offer at the issue price of $1.00 per share.
Masterman said he was confident of a positive response to the float.
“The Po Valley in Italy is a prolific hydrocarbon province,” Masterman said.
“The funds from this issue will allow Po Valley Energy to bring its three largest fields into production and provide a strong base for expansion. We seek to deliver strong shareholder returns by developing our portfolio of gas fields that lie directly below one of Europe’s largest gas consumption regions.”
Po Valley has a portfolio of gas properties which it says contains an estimated 84 Bcf of remaining (3P) reserves located in Northern Italy.
