Another E&P product looks headed to history, with ASX-listed New Energy Solar’s sale under way.
Its board, unable to close the gap between the company’s net asset backing and share price, has hired RBC Capital Markets to sell the company and/or all its assets.
Street Talk has seen RBC’s maiden pitch, which hit the inboxes of infrastructure and energy types this week. The suitors were asked to sign a confidentiality agreement to get their hands on New Energy Solar’s detailed financial data and model before an indicative bid date next month.
The auction marks the beginning of the end for New Energy Solar, which raised $200 million to list in December 2017. The fund, out of the E&P stable and managed externally by another E&P entity, wasn’t fit for the times.
Elsewhere, we have a look at how key API shareholders have voted, heading into the scheme meeting on Thursday (hint: it appears to be good news for Wesfarmers), and we get our hands on documents for a new property fund launched in Sydney.
The ASX-listed solar farm owner’s bankers are courting Australian and offshore renewables investors in a bid to recoup money for embattled shareholders.
There’s one item dealmakers can strike off their M&A playbooks after the tussle for Virtus Health: getting boards to agree to no talks without a fiduciary out.
