It’s taken the company nearly a month and plenty of investor meetings, but it seems to be finally getting ready to launch an equity raising.
It’s taken Stanmore Resources nearly a month and plenty of investor meetings, but the company seems to be finally getting ready to launch a $500 million-odd equity raising to buy BHP’s coal mines in Queensland.Andrey Rudakov/Bloomberg
Investor sources said Stanmore and its broker Petra Capital were ramping efforts to squirrel away support, taking early bids from institutional investors in Australia and offshore. The deal’s understood to be moving towards a $500 million offer at about $1.10 a share, which would be a 12 per cent discount to the last close.Stanmore Resources’ 75 per cent owner, Indonesian coal group Golden Energy and Resources, was expected to take a big chunk of the raising.Stanmore’s brokers have sounding fund managers since at least early February. At the time, the company had what looked like al, but it was still awaiting regulatory approvals for the purchase.
The approvals arrived on February 24, including a nod on certain resolutions from Golden Energy and Resources’ main shareholder PT Dian Swastatika Sentosa Tbk , and foreign merger clearance. The equity deal’s not for everyone. Some investors won’t look at coal - even met coal - while others fret about joining a register where 75 per cent of the company is controlled by a single shareholder.. It has already lined up US$625 million debt from a syndicate including Varde Partners, Canyon Capital Advisors and Farallon Capital Asia.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Listed explorer Celsius in share placementListed explorer Celsius Resources was pitching investors for $2 million on Wednesday morning.
Read more »
CBA sells out of Chinese bank for $1.8bCommonwealth Bank has continued its exit of Asia announcing the sale of a 10 per cent stake in Bank of Hangzhou in eastern China for $1.8 billion.
Read more »
Schools in a ‘resources race’ for staff amid teacher shortagesKnox Grammar’s headmaster says his school is experiencing a major staff shortage and there is stiff competition between education sectors.
Read more »
Core Lithium jumps on Tesla’s latest Aussie dealCore Lithium shares spiked after locking a supply deal with Tesla, continuing the US giant’s frenzied few months of deal making with Australian miners.
Read more »
Australia’s biggest Russia investor slashes exposurePacker & Co has reduced its holdings in Russian equities by 60 per cent as the funds management industry faces pressure to divest over the invasion of Ukraine.
Read more »
Deni Hines: Why my marriage with Kirk Pengilly failed after 18 months“I had issues with that relationship because I was young and didn’t dig deep enough to understand why it bothered me.”
Read more »