Yancoal Australia Wheeled Its HK$1.589 Billion Offer To Retail Investors

  • Dec 10, 2018 AEDT
  • Team Kalkine
Yancoal Australia Wheeled Its HK$1.589 Billion Offer To Retail Investors

After the market close on Friday, coal producer, Yancoal Australia Ltd (ASX: YAL) announced the step ahead towards the raisings from retail investors. This translates the dispatch of entitlement offer booklet as well as personalized entitlement and acceptance forms to retail shareholders in connection with HK$1.589 billion offer.

On 29 November 2018, the company launched Australian entitlement offer to raise up to HK$1.589 billion at an issue price of HK$23.48 per Yancoal’s new share. The offer price reflects a 27.7% premium to the closing price of the Yancoal shares on Wednesday, 28 November 2018 of A$3.25.

Subsequently, the company completed the institutional component of the offer on 6 December 2018 along with getting listed on the Stock Exchange of Hong Kong on the same day.

As per the company’s information, the entire institutional component of the offer was taken up by the major shareholders including Yanzhou Coal Mining Company Limited (Yanzhou), China Shandong Investment Limited (CSIL) and Cinda International HGB Investment (UK) Limited (Cinda). However, the company told that each Major Shareholder chose not to take up their rights in the Institutional Entitlement Offer and to renounce those rights in favor of investors in the Global Offering. The rights of the Major Shareholders related to approximately 87.8% of the total number of rights to subscribe for New Shares under the Entitlement Offer.

Now the company has peddled its offer to retail investors at the same offer price and offer ratio of 0.05387 new shares for every 1 existing share. Yancoal Australia opened the retail offer on 7 December 2018 and dispatched an offer booklet containing information in respect of the Retail Entitlement Offer.

The booklet reads ‘1 accelerated pro-rata renounceable Retail Entitlement Offer of New Shares at a price of HK$23.48 per New Share.’ Further, the company informed that any eligible shareholders who wishes to acquire shares under the Retail Entitlement Offer will need to complete, or otherwise apply in accordance with, the personalized entitlement and acceptance form accompanied in the Booklet. This Retail Entitlement Offer is slated to close on Tuesday, 18 December 2018.

Headquartered in New South Wales, Yancoal Australia Limited (ASX: YAL) is into the production of metallurgical and thermal coal required for the usage in the steel and power generation industries. It owns, manages and operates coal mines across Queensland, New South Wales and Western Australia.

With this update, Yancoal shares moved up 6.231% to $3.580 on 7 December 2018. Whereas, in today’s trading session, there has been a decrease of 5% in daily price change. It makes YAL to trade at $3.40 on December 10, 2018.

Over the past one year, the stock has witnessed a negative performance change of 11.06% but since past one months it has shown a rebound in daily price movement. This translates YAL’s stock price increase of 18.94% over the past one month.


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