Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Arowana seeks up to $234M in dual-listing NZ Intueri unit

ASX-listed Arowana seeks up to $234M in dual-listing NZ education unit Intueri

By Paul McBeth

April 15 (BusinessDesk) - ASX-listed Arowana International wants to raise as much as $234 million in the dual-listing of its Intueri Education Group, which will establish New Zealand’s biggest private training establishment (PTE).

The Australian company plans to list an enlarged education group next month, selling shares at an indicative range of between $2.25 a share and $2.75, with the primary listing on the New Zealand stock exchange, it said in a statement to the ASX. Arowana would retain between 15 percent and 25 percent of Intueri, and needs shareholder approval for the transaction.

The offer will raise $62 million of new shares, with some $60 million will go toward paying for Intueri’s acquisition of Quantum Education Group, which it bought in February, and Arowana intends to distribute some of the cash raised to its shareholders.

“While investing to develop our domestic and international student course programmes remains the priority, once listed, Intueri will be well-positioned to pursue additional growth opportunities as the PTE sector in New Zealand consolidates and we look to realise the full potential of our online education business in Australia,” Intueri chief executive Rob Facer said.

Inteuri is expected to be New Zealand’s biggest private training establishment by domestic students, with 6,000 local enrolments and a further 1,000 international students each year, across 26 locations. It also owns half of Online Courses Australia.

Massey University chancellor and former Landcorp chief executive Chris Kelly will chair the company.

Intueri is forecast to post annual revenue of $76.9 million in calendar 2014, rising to $86.4 million the following year, with net profit of $16.8 million in 2014 and $19.8 million in 2015. The education provider is forecast to pay a dividend of 7.7 cents per share in 2014, rising to 12.9 cents in 2015.

Before its recent acquisitions, the company reported a profit of $491,000 in the nine months ended June 30, on sales of $14.3 million, according to its latest financial statements filed with the Companies Office. Of that, it reaped $9.6 million in tuition fees, and $3.1 million in Tertiary Education Commission and youth guarantee funding.

The offer will be made up of an institutional offer via a bookbuild and a broker firm offer through New Zealand brokers. UBS New Zealand and Macquarie Securities (NZ) are joint lead managers.

Arowana’s stake in the newly listed group will be held in voluntary escrow until the first day after the release of Intueri’s 2015 annual result.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news