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High Peak Royalties confirms approval for acquisition of Planet Gas USA

Owning royalties is a proven and highly valued business model and High Peak has enormous potential in their portfolio.
us map and oil drilling
Completion of the acquisition is now imminent

High Peak Royalties Ltd’s (ASX:HPR) acquisition of Planet Gas USA, Inc has been given formal approval by the shareholders of Planet Gas Ltd (ASX:PGS).

The company’s transformative acquisition of the oil-and-gas royalty recipient for $1 includes the pick-up of a US$2.75 million Macquarie Bank financial facility.

READ: High Peak Royalties halts after announcing snap-up of Planet Gas USA and Macquarie Bank funding

High Peak chairman Andrew Carroll recently said the company’s Planet acquisition is a “big step in further growing the company”.

“This acquisition provides strong revenue and earnings ahead of the potential for significantly larger revenues from other assets in the portfolio.

“Owning royalties is a proven and highly valued business model and High Peak has enormous potential in the portfolio.

READ: High Peak Royalties’ Australian and US royalties to deliver revenues with low overheads

“It also demonstrates High Peak’s technical ability to identify unique opportunities that can be value accretive to shareholders.”

Directors placement

High Peak directors have completed their subscription for shares as approved by members at the annual general meeting held on November 29, 2018.

The subscription by directors completes the full $1.25 million placement revealed to shareholders on October 17, 2018 and demonstrates the confidence that directors have in High Peak’s strategic direction.

 

Notably, High Peak chairman Andrew Carroll subscribed for $80,000 worth of placement shares at a price of 5 cents each.

Completion of the placement also ensures High Peak’s funding capability past the closure of the Planet Gas USA transaction and through to 2019.

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