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

 


CORRECT Intueri to list at $2.35, the lower end of the range

CORRECT: Intueri to list at $2.35, the lower end of its range, as Arowana holds onto maximum amount

(Fixes potential Arowana payout in 2nd graph)

By Suze Metherell

May 8 (BusinessDesk) – Shares in Intueri Education Group, the private training provider, will list on the New Zealand stock exchange at $2.35, the lower end of the price range, as ASX-listed owner Arowana International holds onto a quarter of the group.

The Australian company will hang onto 24.9 percent and earn a net $101.9 million, below the $130.5 million payout Arowana could have received after offer costs of the dual-listing of Intueri on the NZX and ASX. The indicative price range for the IPO was between $2.25 and $2.75, with Arowana retaining between 15 percent and 25 percent.

The $2.35 share price gives Intueri an enterprise value of $252.5 million. The offer period starts today and ends May 21.

Arowana will use $60 million of the offer to pay for Intueri’s February acquisition of Quantum Education Group. Intueri is set to become New Zealand’s largest 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.

Once listed Intueri has said it will look to expand opportunities in the private education sector in New Zealand and its Australian online education business.

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

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Constructions Builds: Consents Top $2 Billion For The First Time

Building consents reached a record $2 billion in March 2017, boosted by new homes and several big non-residential projects, Stats NZ said today. This was up 37 percent compared with March 2016. More>>

Other Stats:

Health: Work Underway To Address Antimicrobial Resistance

As part of a global response the Ministries of Health and Primary Industries have today jointly published ‘Antimicrobial Resistance: New Zealand’s current situation and identified areas for action’ to respond to the changing pattern of antimicrobial resistance in New Zealand. More>>

ALSO:

Employment: Vodafone Announces Family Violence Policy To Support Team

From today, any of Vodafone’s 3,000 workers affected by family violence will be eligible for a range of practical support, including up to 10 additional days of paid leave per year. More>>

Burning Up Over Saturn: Cassini's Grand Finale

With propellant running low, NASA scientists are concerned that the probe might accidentally crash into one of Saturn’s nearby moons, which could contaminate it with Earthling bacteria stuck to the spacecraft. Instead, the spacecraft will be safely "disposed" in Saturn's atmosphere. More>>

ALSO:

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news