Leyshon shares soar after announcing gas spin-off Posted on: 13 Sep 2013 by Georgia Manors Leyshon Resources has announced plans to spin-off its gas business into a separate vehicle called Leyshon Energy which will be chaired by former BP executive John Manzoni. The demerged unit will include its interests in the Zijinshan gas project in China, which is held through its subsidiary Pacific Asia Petroleum, along with cash reserves of about $35m. Leyshon Energy, which was incorporated earlier this year, will seek to list on the Australian Securities Exchange and the Aim market in London. Non-Executive Chairman John Fletcher said the aim was to allow shareholders to own an interest in two listed companies at no extra cost to their original investment. He said Leyshon Energy would be focused on the exploration and commercialisation of the Zijinshan project while Leyshon Resources would be looking to take advantage of depressed asset values in the minerals sector. He added: ‘Both companies will be well funded, with strong management teams looking to create significant shareholder value.’ The news sent shares in Leyshon soaring 17.5% to 10.73 at 12:02 on Friday. Leyshon will seek shareholder approval at a meeting which is expected to take place next month - See more at: http://www.ifamagazine.com/news/leyshon-shares-soar-after-announcing-gas-spin-off-282883#sthash.pw6BObAT.dpuf
LRL Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
