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

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news