RE:RE:ACI Altagas Canada Inc is $19.00Newcoin,
kindly disregard my previous post as the amount of outstanding shares was incorrect 36.8 % holdings are correct.
the following is from the ACI annual report.
Initial Public Offering of Common Shares
On October 25, 2018, the Company completed its IPO, issuing 16,500,000 common shares at a price of $14.50 per common share for gross proceeds of $239.3 million.
In connection with the IPO, the Company granted to the underwriters of the IPO an over-allotment option (the “Over-Allotment Option”), exercisable at the underwriters’ discretion at any time, in whole or in part, until 30 days following the closing of the IPO, to purchase at $14.50 per common share up to an additional 2,475,000 common shares (representing 15 percent of the common shares offered under the IPO) to cover over-allotments, if any, and for market stabilization purposes. On November 21, 2018, the Over-Allotment Option was exercised in full for additional gross proceeds of $35.9 million.
Upon closing of the IPO and the exercise of the Over-Allotment Option, 30,000,000 common shares were issued and outstanding, of which AltaGas owned approximately 36.8 percent. The Company ceased to be a wholly-owned subsidiary of AltaGas upon completion of the IPO on October 25, 2018.
The net proceeds of the IPO were $223.7 million after deducting the underwriters’ fee of $12.6 million and approximately $3.0 million in other expenses. The net proceeds from the exercise of the Over-Allotment Option were $34.0 million after deducting the underwriters’ fee of $1.8 million and other expenses of $0.1 million. In accordance with the Purchase and Sale Agreement, the Company used the net proceeds of the IPO and including the proceeds from the exercise of the Over-Allotment Option, to:
Repay in full a note issued by the Company to AltaGas bearing interest at 5.0 percent per annum in the principal amount of $157.4 million issued in connection with a return on capital on the Company’s common shares immediately prior to the Acquisition;
Repay a portion of the Purchase Price Short-Term Note with the remaining portion of the Purchase Price Short-Term Note being repaid with the proceeds of the syndicated term loan; and
Repay in full the Over-Allotment Note. Per the terms of the Over-Allotment Note, if the Over-Allotment Option was exercised, the principal amount would be reduced by the amount of the underwriters’ fee and other expenses of approximately $1.9 million. The Company repaid in full $34.0 million to AltaGas on November 21, 2018.