Diversified, global engineering project delivery and operations management group DRA Global has today, at 11:00 am AWST, listed on the Australian Securities Exchange under the ticker ‘DRA’. The Company also listed on the Johannesburg Stock Exchange (JSE) under the same ticker when that market opened at 9:00 am SAST.
DRA MD and CEO, Andrew Naudé, said the listing had been in the pipeline for some time and would enhance DRA’s platform for continued growth. “We are proud to reach this milestone, DRA’s listing on the ASX and the JSE is an important next step in our long-term growth plan.”
“Over more than 35 years, DRA has developed a track record for delivering specialist services, across a wide range of commodities, to our high-quality global customer base. We will continue to work to establish DRA as a leading engineering, project delivery and operations management business,” Naudé added.
DRA Chairman, Peter Mansell, congratulated the Company and its management on reaching this milestone.
“On behalf of the Board, I would like to thank the management and employees for their commitment to DRA and their efforts in preparing DRA for its listing. I look forward to this next phase as a listed company and the opportunities it will bring.”
DRA’s successful listing follows the completion of a limited offer process through which the Company raised $11.7 million, predominantly on behalf of a limited number of selling shareholders, under the IPO Prospectus lodged in May 2021.
As outlined in the IPO Prospectus, subject to trading performance, capital deployment strategies and other relevant factors, DRA’s proposed dividend policy is to distribute to shareholders between 30% to 60% of net profit after tax (NPAT) from normal operations.
DRA will consider and assess the most effective methods of managing surplus capital, which may include on-market buy-back programmes, subject to prevailing share price and market conditions, capital expenditure requirements and DRA’s financial position.
The IPO was supported by Wilsons Corporate Finance Limited as Lead Manager and Underwriter, Azure Capital as Australian Corporate Advisor, Pallidus Capital as South African Corporate Advisor, Herbert Smith Freehills as Legal Advisors and BDO as Investigating Accountant, Tax Adviser and South African Independent Reporting Accountant.