Seeking Alpha

Encana aims to raise up to C$861M from PrairieSky spinoff

  • Encana (ECA -0.9%) says it expects to raise up to C$861M ($785M) in an IPO of its oil and gas royalty business, as it plans to sell 32.5M common shares for C$23-C$26.50 each.
  • ECA also says it will retain a 75% stake in the subsidiary, known as PrairieSky Royalty.
  • The previously announced IPO will create a company overseeing the rights to mineral fee titles and royalties on 5.2M net acres of land in southern Alberta.
Comments (2)
  • William Ford
    , contributor
    Comments (90) | Send Message
     
    what! no shares for the shareholders!
    1 May, 11:26 AM Reply Like
  • marpy
    , contributor
    Comments (791) | Send Message
     
    This is on the high end of what was initially estimated and should bode well for the shares even though the stock is down today. Suttles has the opportunity to turn ECA into a real cash cow and it seams that he is working on making that happen. JMO
    1 May, 03:20 PM Reply Like
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