Gippsland: Adobha Spin-Out Update

Gippsland Limited (ASX:GIP,FRA:GIX) reports an update on its  non-Egyptian assets with a newly incorporated company, Adobha Resources Limited.

The press release is quoted as saying:

Adobha is proposing to conduct an initial public offering of fully paid ordinary shares to Gippsland shareholders of $4.0 million (and under certain circumstances may accept oversubscriptions of $1.0 million) (“IPO”) and to seek a listing on the Australian Securities Exchange (“ASX”). The IPO will be made by way of a prospectus when the Adobha shares are offered. Applications for Adobha shares must be made pursuant to the application form that will accompany the prospectus.

Click here to access the entire news release.

Click here to access Gippsland’s company profile.