Green Dragon Gas - Plans to List Production Subsidiary
Green Dragon Gas Ltd (LON:GDG) announced its plans to list its production subsidiary on the Hong Kong Stock Exchange as a dividend in specie. This operation requires shareholders’ approval and a vote will take place at the AGM to be held on 20/12/17 at 11:00 am. We expect the details of the listing, in particular the shareholding structure of the listed entity as well as the amount of capital increase, to be released on this occasion. However, the intention is for the company to be debt free as a result which we take as a positive; we keep our 221p valuation unchanged.
We keep our 221p valuation of GDG unchanged and might revisit it when the details of the listing and capital raising operations become clearer (Figure 2).
Quick facts: G3 Exploration Ltd
Price: 26.59 GBX
Market Cap: £41.5 m
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