Sign of the Times: Yancoal Gets Few Takers

first_imgSign of the Times: Yancoal Gets Few Takers FacebookTwitterLinkedInEmailPrint分享The Australian:Yancoal Australia’s $US2.35 billion ($3bn) equity raising has met with next to no interest from institutional and retail shareholders, leaving its underwriters and Chinese backers on the hook for almost the entire amount.Yancoal, which needed the cash to complete its acquisition of Rio Tinto’s Coal & Allied business in NSW, only attracted $US4 million worth of applications from its existing non-Chinese share register while institutional investors applied for just $US59m of the more than $US1.3bn in entitlements up for offer under a bookbuild at the weekend.The weak appetite means Yancoal’s existing major shareholder, Chinese state-owned group Yanzhou Coal Mining Company, will take up the full $US1bn in new shares to which it had committed while the bookbuild’s underwriters — China Shandong Investment, Cinda International and Glencore — will take up the remaining $US1.28bn.While there was an expectation going into the raising that Yancoal would have to rely on its underwriters for much of the funding, the response was nevertheless weaker than expected.The flat investor response to the raising has been blamed on a confluence of factors, including Yancoal’s poor record of performance in Australia (it has recorded four straight years of losses totalling more than $1.6bn), the dominant position held on Yancoal’s share register by Chinese interests, and the broader softening of investor interest in coal generally.The raising also took place at a time when many investors are tipping a fall in coal prices following a strong 12 months for the commodity.In one potential sign that the coal market may be nearing a peak, veteran coal investor Tony Haggarty yesterday revealed he had just sold almost 2 million shares in coal producer Whitehaven Coal for $6.4m, cashing out a portion of his holdings at a time when Whitehaven shares are at their highest level since 2013.Coal heavyweight Glencore, which is helping fund the Yancoal acquisition, yesterday announced it was putting up for sale its Rolleston thermal coalmine in Queensland. The sale process for the mine, which produced 13.3 million tonnes of saleable coal in 2016, is being handled by Merrill Lynch.Contango Asset Management managing director George Boubouras told The Australian the combination of Yancoal’s China-heavy share register and the wider shift away from coal among many investors were probably to blame for the weak uptake.More: Yancoal’s $3bn equity raising shunned by investorslast_img read more

Cristiano Ronaldo Names Rashford, Asensio As Potential Heir To World Best Throne

first_imgReal Madrid superstar, Cristiano Ronaldo has named six players including Marcus Rashford and Marco Asensio as potential successor to the world best player throne.The 32-year-old forward, who has four Ballon d’Or trophies to his name, looks set to add another to his collection following a very successful 2016/2017 season in which he won back to back Champions League, the La Liga and the UEFA Euro 2016 with Portugal.Asked about who could succeed him after he was named Uefa’s Player of the Year for 2016-17, Ronaldo said: “That is a very good question.”“I see some with great potential: [Marco] Asensio, [Kylian] Mbappe, Neymar, [Ousmane] Dembele, [Eden] Hazard, [Marcus] Rashford and some others.”“In the next generation, there are at least ten players with very, very great potential.”Ronaldo, who will not play in the La Liga until 20 September against Real Betis, was fined €3,005 following his five-match ban for pushing referee Ricardo De Burgos Bengoetxea in Real Madrid’s 3-1 Camp Nou win over Barcelona in the Spanish Super Cup. RelatedCristiano Ronaldo: Messi, Neymar “My Motivation”July 24, 2017In “Europe”Why Cristiano Ronaldo May Be Past His PrimeNovember 7, 2017In “Features”Cristiano Ronaldo Challenges Messi to Leave SpainDecember 10, 2018In “Europe”last_img read more