Australia?s Soul Pattinson to list New Hope on ASX

ASX-listed investment company Washington H Soul Pattinson & Co announced on Thursday that it would list its 63.94 percent-owned subsidiary New Hope Corporation Limited on the Australian Stock Exchange.

New hope owns 40.83 percent stake in PT Adaro Indonesia, Indonesia?s number one coal producer located in South Kalimantan. Aside from its Adaro interest, New Hope has coal mining operations in Australia, port interests in Indonesia (Indonesian Bulk Terminal) and Australia, and forestry and real estate interests in the Australian state of Queensland.

The listing is planned in September. Prior to listing Soul Pattinson will pay a special 5 cent-a-share dividend to its shareholders in the form of one New Hope share for every 8 Soul Pattinson shares held. Recipients will be allowed to increase their New Hope holdings to 5,000 shares by subscribing to a top up facility priced at 40 cents a share.

New Hope will then issue each of its shareholders one option over one share for every 10 shares held. The options will have a 45 cents exercise price and be separately listed on the Australian stock market.

New Hope could raise up to A$10 million through the top up facility, which would see the shareholding of Soul Pattinson and its 49 percent-owned Brickworks Ltd. diluted to around 64 percent. (alex)