DART Energy's planned spin-off of its international business is either an indictment of Australian capital markets, or just a sad pointer to the future.
The Dart team is running around talking about the proposed public listing of its offshore coal bed methane assets as Dart Energy International on the Singapore Stock Exchange, which was foreshadowed last August.
Dart, itself a spinoff of the bits of Arrow Energy not wanted when Shell swallowed the group in 2010, is in the S&P/ASX 200 Index and has a market worth of about $270 million - more than $100 million of which is covered by its cash in the bank.
The problem from Dart's perspective is that valuation is mostly focused on its lease areas near Newcastle in northern New South Wales, and does not really reflect what it believes is the worth of its European and Asian businesses.
SMH
No comments:
Post a Comment