Triangle Energy (Global) Limited (Triangle, the Company) is pleased to announce that State Gas Limited (State Gas), until recently a wholly-owned subsidiary of Triangle and the holder of a 60% interest in PL 231, will be admitted to the Australian Securities Exchange (ASX) on 10 October 2017 at 11.00 am AEST. State Gas will, on admission to the ASX (ASX code: GAS), have a market capitalisation of $27 million (at the $0.20 issue price).
Triangle will hold the largest stake in State Gas with an interest of 35.47%, equivalent to $9.577 million in value at the completion of the $0.20 IPO. Mr Rob Towner (Managing Director of Triangle) will represent Triangle’s interests on the board of State Gas as a non executive director.
As previously announced, Triangle secured a priority allocation of $1 million of the $5.25 million raised under
the State Gas IPO for Triangle shareholders who were on the register as at 4 September 2017.
Read the full ASX Announcement here.