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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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Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
Monday, 17 September 18
GLENCORE RETURNS TO JAPAN COAL TALKS SCUPPERED BY HIGH PRICES - BLOOMBERG
Mining giant Glencore Plc and Japanese utilities have resumed thermal coal supply negotiations, restarting talks that fell apart earlier this year ...
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Showing 1611 to 1615 news of total 6871 |
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- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
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- Romanian Commodities Exchange
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- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
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- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
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- Australian Commodity Traders Exchange
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- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
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- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
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- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
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- Australian Coal Association
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
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- White Energy Company Limited
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- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- The University of Queensland
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
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- PTC India Limited - India
- McConnell Dowell - Australia
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- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
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- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
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- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
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- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
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- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
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