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State Gas Ltd. ( (AU:GAS) ) has provided an announcement.
State Gas Limited has secured a waiver from ASX Listing Rule 10.1, allowing it to grant security over all its assets in favour of entities associated with non-executive directors Philip St Baker and Jon Stretch for both new working capital finance facilities and existing legacy loans, without seeking prior shareholder approval. The board, excluding the interested directors, determined the funding to be on arm’s length terms after conventional lenders declined to provide debt finance within the required timeframe, and the ASX waiver is conditional on detailed disclosure of the rationale, terms and protections, including that security will be discharged once loans are repaid and that any enforcement sale of assets to related parties would still require shareholder approval, thereby balancing the company’s urgent funding needs with safeguards for ordinary security holders.
The most recent analyst rating on (AU:GAS) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
More about State Gas Ltd.
State Gas Limited is an Australian listed energy company focused on gas exploration and development, with its operations and funding needs tied to ongoing project development and associated research and development activities.
Average Trading Volume: 758,848
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$11M
For an in-depth examination of GAS stock, go to TipRanks’ Overview page.