Wednesday, August 29, 2012

Pteris Global

Pteris Global: To place 82.2m shares at $0.13 at 14.8% prem over VWAP of $0.1132 to China Intl Marine Containers (CIMC). The shares will be new shares, approx 15% of enlarged share capital. This will raise gross proceeds of $10.7m which co will use has working capital CIMC is a conglomerate involved in the manufacturing and supply of containers, special purpose vehicles and heavy trucks,equipment for the energy, chemicals and liquid food industries and offshore engineering. It has over 150 subsidiaries and 63k staff globally. While dilutive to shareholders (NAV down 4.42% to 17.3c, EPS down 11.1% to 0.08c) , the price paid is higher than current mkt price and the investor is also apparently a big co which might lend support through its network.

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