Australia's Pure Hydrogen gains on plan to spin off gas assets

Pure One

15/11/2024 24:45

** Shares of Pure Hydrogen Corp  PH2.AX  rise 4.6% to
A$0.115, set for their best session since Nov. 5 - if current
gains hold
    ** Clean energy firm to spin off its Australian gas assets
into a new gas exploration and development co
    ** Divested co Eastern Gas to be listed on ASX via IPO 
    ** Eastern Gas expected to raise A$8 mln to A$10 mln ($5.16
mln-$6.45 mln) at IPO
    ** Pure Hydrogen Corp says shareholders entitled to receive
1 new share in Eastern Gas for every 5 P2H shares
    ** Stock down 11.5% YTD, including current session's moves

($1 = 1.5504 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))