Saturday, January 06, 2007
Petmin to use UK listing to boost further acquisitions, COO says
Petmin, the South African mining company, sees its UK listing as a building block to more significant acquisitions, the company’s COO said.
Bradley Doig, the company’s chief operating officer, speaking in a telephone interview, said that Petmin viewed its initially modest London listing as a way to make contact with large European investors who could later help the company make significant acquisitions.
Petmin raised gross proceeds of GBP 3.6m from its listing, but has a market cap of GBP 43.2m. The company will retain its South African listing on the Johannesburg Stock Exchange. Doig said that the company intended to use some of the proceeds from the UK listing for the purchase of additional capacity at the Richards Bay coal export terminal in South Africa.
Doig emphasised that the company was already a producing group within South Africa, and that the firm was not an exploration company. The group currently produces silica and anthracite within South Africa of around 2.5 million y/yr. The anthracite is moved internationally for export through the Richards Bay terminal.
Doig said that the group’s profile as a coal producer meant that the company would only look at acquisition targets that were either already in production or had very mature reserves that were close to output and easy to develop. He said that Petmin was looking across South Africa for potential acquisitions, but added that the company was also looking globally at targets in South America and Asia.
Source mergermarket
Bradley Doig, the company’s chief operating officer, speaking in a telephone interview, said that Petmin viewed its initially modest London listing as a way to make contact with large European investors who could later help the company make significant acquisitions.
Petmin raised gross proceeds of GBP 3.6m from its listing, but has a market cap of GBP 43.2m. The company will retain its South African listing on the Johannesburg Stock Exchange. Doig said that the company intended to use some of the proceeds from the UK listing for the purchase of additional capacity at the Richards Bay coal export terminal in South Africa.
Doig emphasised that the company was already a producing group within South Africa, and that the firm was not an exploration company. The group currently produces silica and anthracite within South Africa of around 2.5 million y/yr. The anthracite is moved internationally for export through the Richards Bay terminal.
Doig said that the group’s profile as a coal producer meant that the company would only look at acquisition targets that were either already in production or had very mature reserves that were close to output and easy to develop. He said that Petmin was looking across South Africa for potential acquisitions, but added that the company was also looking globally at targets in South America and Asia.
Source mergermarket
