sealink travel ipo closes early, page-15

Business
SA Business
The SeaLink IPO will close early after strong demand for the South Australian company’s shares
• by:CAMERON ENGLAND
• From:The Advertiser
SEALINK’S initial public offer will close more than a week early due to strong demand.
The Adelaide travel company is aiming to raise $16.5 million through the issue of shares at $1.10 each.
Only 21.4 per cent of the company, or 15 million shares, is being offered to new shareholders, and the company said demand had been strong.
“Due to the strong flow of applications received to date, and the resulting very limited amount of
new shares available to cater for the strong demand, SeaLink has decided to bring forward the
closing date of the offer to Wednesday 2 October 2013,’’ the company said.
“Based on the above revised closing date, SeaLink is expected to list on the ASX on Wednesday 16 October 2013.’’
The company had previously planned to close the offer on October 11th and list on the 24th.
SeaLink operates the Kangaroo Island ferry and another 17 ships, ferries and other maritime craft plus 26 coaches, buses and other passenger vehicles.
It owns Captain Cook Cruises, which operates in Sydney Harbour, and runs SeaLink Queensland out of Townsville.
The company is forecasting a dividend yield of 6.5 per cent for the current financial year, and expects net profit to drop marginally to $6.9 million from $7 million, but says revenue will grow from $92 million to $98.5 million.
It says dividend growth over the past 10 years has been at a compound annual rate of 12.2 per cent. The company will have debts of $4.1 million, unused debt facilities of $27.7 million, and a gearing ratio of 7.3 per cent.