Sino Gas & Energy Holding – Removal From ASX Due To The Implementation of an agreement with Lone Star Funds

  • Sep 19, 2018 AEST
  • Team Kalkine
Sino Gas & Energy Holding  – Removal From ASX  Due To The Implementation of an agreement with Lone Star Funds

On May 31, 2018, Sino Gas & Energy Holdings Limited (ASX: SEH) made an agreement with Lone Star which states that latter would acquire the entire issued share capital of the former. Only after the successful implementation of the scheme and after necessary conditions gets complied with, the shareholder of Sino Gas would be eligible for the cash consideration. However, on September 19, 2018, the scheme got implemented. As per the scheme, the shareholders of Sino Gas would be receiving A$0.25 per share. This consideration would be given against every share of Sino Gas held on September 14, 2018.

In another release on ASX, Sino Gas & Energy Holding Limited has made an application with the Australian Securities Exchange or ASX which states that the company’s shares would no longer be traded on 19 September because of implementation of scheme of arrangement between SHE and its shareholders in connection with the acquisition of its wholly owned subsidiary of Lone Star Fund X Acquisition, LLC. As a result, the company’s stock has been withdrawn from the traded shares of the exchange.

A brief recap of Sino Gas and Energy Holdings Limited’s performance

In H1 2018, Sino Gas & Energy Holdings Limited (ASX: SEH) incurred the net loss amounting to US$2.3 million compared to the net loss of US$0.9 million in the same period of the prior year. The company’s net loss in H1 2018 consists of the net income amounting to US$4.6 million which was from its joint venture. In the year-ago period, its joint venture posted net income of US$2.4 million. This increase got offset by the elevated financing costs primarily because of stand-by fees payment as well as higher borrowings. Other items impacting the increase in the net income include general and administration expenses pertaining to the Lone Star arrangement along with other matters as well as loss in relation to the loan’s fair value which was reported to the joint venture. The joint venture that has been referred here was between Sino Gas and Sino Gas and Energy Limited.

In H1 2018, Sino Gas and Energy’s top line clocked at US$24.5 million compared to US$15.2 million in H1 2017. The substantial increase was supported by the higher production as well as higher gas prices. The company’s capital expenditures or Capex in H1 2018 stood at US$18.6 million reflecting the substantial increase from US$7 million in the same period of the prior year. A rise in the drilling activity was the primary contributor to the increase.

Meanwhile, the share price has risen 38.89 percent in the past six months as on September 12, 2018. The last closing price of the stock was $0.250.

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