Sprint boss joins Stanmore board

THE managing director of a Hong Kong-based private equity fund will join the board of Stanmore Coal after the companies signed a $36 million funding agreement.
Sprint boss joins Stanmore board Sprint boss joins Stanmore board Sprint boss joins Stanmore board Sprint boss joins Stanmore board Sprint boss joins Stanmore board

Courtesy Stanmore Coal

Lou Caruana

Sprint Capital managing director Chris McAuliffe had more than 20 years experience in private equity and investment banking with significant relationships across Asia, Stanmore managing director Nick Jorss said.

“With Sprint Capital as a significant Stanmore shareholder we are fortunate to be able to utilise Chris’ impressive skills and proven experience,” he said.

“We look forward to working with Chris through the exciting development phases ahead.”

Before co‐founding Sprint Capital in 2008, McAuliffe worked for Citigroup in Hong Kong and Credit Suisse in Singapore.

“The funding arrangements with Sprint Capital, announced on 28 June 2012, allows us to satisfy our immediate infrastructure commitments and reinforces the progress on the path towards development of our existing coal projects,” Jorss said.

“It is a testament to the quality of our projects and team that we have been able to raise equity at an attractive premium to our current share price in these difficult market conditions.

“Sprint funding places us in a strong position to grow through acquisition and development.”

The Sprint investment consists of a $27.01 million placement of 40 million shares at 67.5c per share and a $9.03 million placement of zero-coupon notes convertible into 13.37 million shares at 67.5cps.

The issue and conversion price of 67.5cps reflects a 46.4% premium to Stanmore Coal’s 30-day volume weighted average price and an 87.5% premium to Stanmore Coal’s last traded price before the announcement of 36c.

It follows an earlier $1.2 million grant by a Japanese government agency for Stanmore to drill The Range project and the granting of interim authorisation to negotiate the construction of rail links in the Surat Basin.

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