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EVE - EVE HEALTH GROUP LIMITED


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QUOTE
PRIORITY OFFER TO ENERGY VENTURES SHAREHOLDERS IN
IPO FOR ASX LISTING OF AFRICAN ENERGY RESOURCES
RECORD DATE & PRIORITY OFFER
Energy Ventures Ltd (ASX:EVE) is pleased to confirm that its subsidiary African Energy Resources (Guernsey)
Limited is completing preparations for a listing on the Australian Stock Exchange and has today lodged its IPO
prospectus with the ASIC. Under the prospectus African Energy will raise up to $5,000,000 from the issue of
12,500,000 shares at 40 cents each, with $3,100,000 of the offer reserved for Energy Ventures shareholders
through a priority offer.
Energy Ventures has previously outlined its intention for the listing of African Energy and is on schedule to achieve
this by the end of March 2007. Following the IPO raising and assuming the offer is fully subscribed, Energy
Ventures will hold a 71% interest in African Energy.
All Energy Ventures shareholders who hold at least 20,000 shares have the opportunity to participate in the priority
offer and will be guaranteed a minimum allocation of 5,000 shares upon application. The Board will retain the
right to allot shares at its sole discretion in the event that the offer is oversubscribed. An indicative timetable is
presented below.
Lodgement of Prospectus with the ASIC 1 March 2007
Priority Record Date 9 March 2007
Opening Date 9 March 2007
Closing Date 23 March 2007
Despatch of Holding Statements 27 March 2007
Expected date for listing on ASX 30 March 2007
These dates may be subject to change. The Company reserves the right to extend the Closing Date or close the
offer early. The prospectus can be downloaded at www.africanenergyresources.com.
African Energy will have 147,875,000 shares on issue immediately following the listing, based on the offer being
fully subscribed with approximately $10.2m held in cash, after fund raising costs.
The Directors of Energy Ventures and African Energy have indicated their interest in subscribing for shares in
African Energy as existing shareholders in Energy Ventures or through the public offer under the prospectus. The
offer is expected to generate strong interest and prompt action following the Opening Date by Energy Ventures
shareholders interested in subscribing for shares in African Energy is recommended.
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Gifted more today at 28c. African Energy Resources will list at 40c (70% owned by EVE = 28c). BARGAIN - boxing day sale!

 

This means that this price does not take into account their other businesses, plus upcoming ann. of new ventures.

 

So much upside here, and heartfelt thanks to sellers at these prices!! Just look at that buyer depth forming.

 

Cheers

Brad

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In reply to: bradk on Thursday 15/03/07 07:50pm

 

EVE capitalised at $64m (at 28c)

AFR capitalised at $59m (at 40c) (and equity of $8m, or 5cps as at D311206)

 

So EVE's cut of AFR at float price is 70% of $59m which is $41m. What does the other $23m of EVE get you?

 

So if I bought x% of EVE at 28c I'd be paying more for the same amount than if I bought x% of AFR. Where's the bargain?

 

I calculate EVE as being 30% dearer (at 28c) than AFR (at 40c). I haven't been an avid follower of EVE, but I understand they have other projects? They'd need to at that price.

 

Cheers

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EVE will hold 71% of AFR once it is listed. This equates to around 105 million shares of 147 million outstanding. With AFR's IPO listing at 40c, this would value EVE's stake in AFR at approximately $42 million. By each increment of 5c that AFR rises, the value of EVE's stake would rise by around $5.25 million. AFR would have to reach around 66c for EVE's stake to be valued at its current market cap. Based on the current bull market for uranium, i would not be surprised to see AFR trading at or beyond this level within a reasonable timeframe.

 

This of course does not include any of EVE's other ventures such as its stake in Cool Energy nor Colltech. Both companies have the capabilities to be quite profitable for EVE, especially Cool Energy which would serve an important role in the gas industry should the technology be proven.

The future is looking positive for EVE http://www.sharescene.com/html/emoticons/tongue.gif

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  • 2 weeks later...

A good float of AFR today, closing the day at 99c from a float price of 40c.

 

EVE hold 105 million shares of AFR, which are valued at around $102 million at the close of today. Their market cap based on their close of day price of 41c is approximately $90 million.

A nice opportunity to gain cheap exposure to AFR would be to purchase EVE, pretty much like buying AFR at a 10% discount. http://www.sharescene.com/html/emoticons/tongue.gif

 

EVE's other assets are not being factored into the market cap at this price, so a little undervalued. Time will tell at what price AFR stabilises at which should give a better indication of EVE's true value according to the market.

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A nice arbitage opportunity to be had.

 

AFR currently trading at 85c, valuing EVE's stake at around $89 million odd.

EVE's market cap at current price around $78 million. Around 12% discrepancy http://www.sharescene.com/html/emoticons/tongue.gif

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In reply to: ead83 on Thursday 26/04/07 02:15pm

Agree Ead. Interesting. Here it is spelt out.

 

EVE has 224million shares.

Market cap at 33c is about $74million

 

AFR has 147million shares.

Market cap at $0.83 is $122million.

 

EVE holds 70% of an asset worth $122million, which is 0.70*122 = $85.4million.

 

$85.4million/224million shares = 0.38125

 

EVE value per share based on its holding of AFR only = ~38cents.

 

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