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Rasia Increases Position in Fast Growing TerraCom Ltd

August 25, 2018
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Rasia Increases Position in Fast Growing TerraCom Ltd

Rasia has been aggressively investing across the capital structure in high quality thermal and coking coal companies. One leading company, TerraCom Ltd, has been an investment darling with a stock price that has more than doubled this year and annual run rate EBITDA of AUD 84 million based on the most recent 30 June 2018 quarter. With an Enterprise Value to EBITDA ratio below 5x, Rasia believes the company should be trading near AUD 1.20 per share based on historical performance continuing to be delivered. Rasia also sees multiple value triggers, being balance sheet refinancing and organic EBITDA growth from Blair Athol, and BNU infrastructure and operational improvements widely discussed in corporate releases.

Rasia’s special situations fund was launched in June 2017 and has delivered exceptional returns since inception by pursuing a private equity approach to public investing in liquid and semi-liquid securities. Rasia primarily engages in privately negotiated bilateral investment strategies involving a short- and medium-term horizon focusing on equities, debt, and convertible debt instruments. The special situations fund currently focuses on natural resources yet maintains the flexibility to pursue attractive investment opportunities across all industries primarily in Asia.

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