“Everything’s on the table"
Alaska-Focused Buccaneer Energy to Open Its Books.
April 8, 2013
Australia-listed natural gas producer Buccaneer Energy BCC.AU +2.38%is opening its books to potential suitors in coming weeks, a senior board member told Deal Journal Australia.
“Everything’s on the table, including farm-ins, investments at the company level, a dual listing on a North American stock exchange or possibly a change of control transaction,” Sydney-based director Dean Gallegos said in an interview on Monday.Buccaneer has a market value of 64 million Australian dollars (US$66.4 million), but said in a March 28 regulatory filing that it believes its proven reserves in Alaska’s Cook Inlet are worth US$342 million. The company has appointed Canaccord Genuity Ltd. to lead a strategic review focused on improving shareholder value.
“We believe a reason for the valuation disconnect could be that we’re the only Australian company operating in that basin…it’s difficult for investors to easily compare us with another entity,” Mr. Gallegos said.
“Preliminary interest has been strong,” he added, declining to specify the exact timetable of the process. Canaccord will be retained for at least six months.
http://blogs.wsj.com/dealjournalaustralia/2013/04/08/alaska-focused-buccaneer-energy-to-open-its-books/
Alaska-Focused Buccaneer Energy to Open Its Books.
April 8, 2013
Australia-listed natural gas producer Buccaneer Energy BCC.AU +2.38%is opening its books to potential suitors in coming weeks, a senior board member told Deal Journal Australia.
“Everything’s on the table, including farm-ins, investments at the company level, a dual listing on a North American stock exchange or possibly a change of control transaction,” Sydney-based director Dean Gallegos said in an interview on Monday.Buccaneer has a market value of 64 million Australian dollars (US$66.4 million), but said in a March 28 regulatory filing that it believes its proven reserves in Alaska’s Cook Inlet are worth US$342 million. The company has appointed Canaccord Genuity Ltd. to lead a strategic review focused on improving shareholder value.
“We believe a reason for the valuation disconnect could be that we’re the only Australian company operating in that basin…it’s difficult for investors to easily compare us with another entity,” Mr. Gallegos said.
“Preliminary interest has been strong,” he added, declining to specify the exact timetable of the process. Canaccord will be retained for at least six months.
http://blogs.wsj.com/dealjournalaustralia/2013/04/08/alaska-focused-buccaneer-energy-to-open-its-books/
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