Sino Australia Oil and Gas Limited listed on the ASX on December 12, 2013. Despite a market with a weak appetite for investing in the resources sector and Chinese based businesses, the Company completed its IPO, exceeding the minimum subscription by raising A$12.8 million. With a market capitalisation over A$120 million SAO was the largest successful Chinese centric ASX IPO of 2013.
Sino Australia is the holding company for Zhaodong Huaying Drilling Company, a Chinese specialised oil recovery services company based in Daqing, North-east China. The Company claims patented technologies for Enhanced Oil Recovery (EOR) services, that increases recoverable oil and gas reserves by optimising the performance of existing and expired oil and gas assets. Wayne was an independent director and on the audit committee for Sino Australia.
In preparation to become an ASX listed entity, Wayne completed financial and technical due diligence in China, and financial and compliance due diligence in Australia for Sino. Under the ASIC licence of lead broker D2MX, Wayne provided the corporate advisory services, including advice on corporate structures, funding mechanisms alternatives, compliance and regulatory requirements and cross border commercial logistics. Wayne as a director and in conjunction with Noblemen Ventures, prepared the IPO prospectus, marketing materials and conducted equity raising activities with fund managers, brokers, investment advisors and media for the IPO roadshow throughout Australia and Asia. Noblemen in conjunction with D2MX also managed the IPO administration.
Please note: Wayne Johnson and Noblemen have not been responsible for the management or content of the sinoaustoil.com website since December 2013.
Update: Mr Tien Peng Shao is the Chairman and major shareholder of Sino Australia Oil and Gas Ltd. Mr Shao is a Chinese national with no previous public company experience and very little command of the English language. In early 2014, in an effort to ensure Sino adhered to all Australian corporate law and ASX listing regulations, the independent directors at the time, turned to ASIC to assist in the enforcement of these regulations. As at September 2016, the stock is suspended, the IPO funds are frozen and court action by ASIC is in process (see ASIC announcements). Further details are available on the Noblemen blog or in articles written by Leo Shannahan and published by The Australian newspaper.