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Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
 Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore Coal.
GEAR is acquiring a 19.9 per cent stake in coking coal-focused Stanmore for A$47.6 million in cash, with plans to eventually transfer that interest to a 51 per cent joint venture that is offering up to A$201 million for all the remaining shares of Stanmore.
The offer by joint venture Golden Investments (Australia), which GEAR has set up with Ascend Global Investment Fund, is pegged at A$0.95 per Stanmore share. After the offer closes, Golden Investments will acquire GEAR's 19.9 per cent Stanmore stake for a number of Golden Investments shares equal to the cash amount that GEAR paid for the Stanmore shares. GEAR is acquiring the Stanmore shares from Greatgroup Investments, Stanmore's largest shareholder.
The volume weighted average price (VWAP) of Stanmore Coal's shares for all trades done on 16 Nov - the last full day of trading before the announcement - was approximately A$0.8597 per share.
Explaining the acquisition, coal producer GEAR said: "By acquiring an interest in Stanmore Coal, a primarily coking coal focused company, GEAR hopes to enhance its overall asset portfolio in the current commodity price environment by diversifying and expanding its coal product suite and geographical presence."
GEAR and Ascend Global have agreed to fund Golden Investments' bid by subscribing for additional Golden Investments shares. GEAR has agreed to subscribe for shares totalling up to A$79.25 million, while Ascend Global will subscribe for up to A$121.88 million of shares only if Golden Investments is able to obtain control of at least 51 per cent of Stanmore.
Based on Stanmore Coal's FY18 results, the net asset value (NAV) and net tangible assets (NTA) of the sale shares translating to the 19.9 per cent stake are about A$14.56 million and approximately A$13.81 million respectively, as at June 30. Meanwhile, the NAV and the NTA of the shares under the offer (attributable to GEAR's 31.9 per cent stake in Golden Investments before the transfer of the sale shares) are approximately A$23.31 million and A$22.11 million respectively as at June 30.
Based on Stamford Coal's financial year 2018 results, the net profit before income tax, minority interests and extraordinary items attributable to the sale shares is A$2 million; while the same profit for the shares under the offer is approximately A$3.20 million.
Golden Investments' shareholders will fund their respective subscriptions in Golden Investments through a combination of existing cash reserves, GEAR's finance facility of up to A$150 million and via Ascend Global's undrawn capital commitments of US$100 million from investors.
Source: The Straits Times
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Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
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- Gujarat Mineral Development Corp Ltd - India
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- European Bulk Services B.V. - Netherlands
- Planning Commission, India
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- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
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- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
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- Petron Corporation, Philippines
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Australian Coal Association
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- Minerals Council of Australia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
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- The Treasury - Australian Government
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- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
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- Romanian Commodities Exchange
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- The State Trading Corporation of India Ltd
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- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
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- Petrochimia International Co. Ltd.- Taiwan
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- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
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- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
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- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
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- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Standard Chartered Bank - UAE
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- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
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- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
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- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
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- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
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- Larsen & Toubro Limited - India
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- Australian Commodity Traders Exchange
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