Company share price record achieved today (02/01/24) @ $3.185.
Nice.
Some major shareholder changes … sick of reading about it in announcements.
Did like the part about Ventia awarded a one-year Field Optimisation contract extension with Telstra Corporation Ltd (ASX:TLS). The Agreement (06/12/23) is expected to deliver revenue of up to approximately $340 million to Ventia over the next 12 months.
Just a glancing homework session, but rcw1 liked what the glance picked up – on watchlist.
*** Not much written on this one since 24/11/21: has anybody got anything on this stock as find it difficult to believe has gone through to the keeper!!!
Sarah Thompson, Kanika Sood and Emma Rapaport
Nov 2, 2023 – 4.50pm AFR
Ventia Services Group’s IPO vendors Apollo and CIMIC flushed out the last morsels of their stake in the business on Thursday evening, calling in Barrenjoey and JPMorgan to launch a $270 million block trade.
Ventia maintains all kinds of infrastructure, including water treatment plants.
The broker duo began rounding up investors at $2.71 per share – a 1.5 per cent discount to the last traded price of $2.75, according to a term sheet seen by Street Talk. The book was covered late on Thursday afternoon.
Fund managers were offered approximately 99.8 million shares in Ventia, representing 11.7 per cent of the company. They sucked up the stock, knowing it was the last lot from the IPO vendors.
It has taken Apollo and CIMIC nearly two years and four block trades to get their money out. But they have done well out of the wait – each of those selldowns was done at a much higher price than the $1.70 that Ventia shares fetched during the IPO bookbuild.
Readers will recall Ventia’s IPO was recut in late 2021 to get the deal away as the red-hot IPO market began to cool. The original plan was for Apollo and CIMIC to retain a combined 44.6 per cent at listing, via a $1 billion to $1.2 billion IPO raise at $2.75 to $3.15 a share. The float ended up being repriced to $1.70 a share, with Apollo and CIMIC retaining a combined 65 per cent of Ventia to a February 2023 escrow.
The block trades – all handled by Barrenjoey and JPMorgan – were done at $2.15, $2.42, $2.65 and finally $2.71. In line with the IPO vendors, investors who tipped in for the float have also done well out of the company with Ventia shares up nearly 31 per cent since the listing in November 2021.
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