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: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news