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

Ruby Herbert, 85

first_imgRuby Herbert, 85, Greensburg, passed away on Friday, August 11, 2017 at the Decatur County Memorial Hospital in Greensburg. She was born in Kentucky on April 17, 1932. She was the daughter of William G. and Lottie Mae (Roberts) Carter. She was married to Merle G. Herbert on March 20, 1948 and he preceded her in death on January 8, 2009.  She is survived by one son, Jerry Herbert, Greensburg; one daughter, Linda (Richard) Gibson, Greensburg; five grandchildren, Kelsey Herbert, Stephanie Redmon, Chris (Kristi) Herbert, Greenfield, Erik  Wilmer, Hebron, Ky., Heather Kunze, Greensburg; six great grandchildren, Hailey, Bryce, Levi, Blake, Olivia, Bryce.  She was preceded in death by her parents, husband; one son, Joseph W. Herbert; three brothers, Vernon, Ray, and Howard Carter; one sister, Betty Bryant. There will be no public visitation or funeral.  Porter-Oliger-Pearson Funeral Home in Greensburg has been entrusted with the arrangements.last_img read more

NCAA: Nzeusseu shines as Lyceum piles on St. Benilde’s woes

first_imgMANILA, Philippines–Mike Harry Nzeusseu is a certified workhorse that College of St. Benilde found hard to match.Patrolling the paint with his beefy frame, Nzeusseu gave the Lyceum Pirates the needed stability for them to outlast the Blazers, 85-83, in the NCAA Season 95 men’s basketball tournament Friday.ADVERTISEMENT Matteo Guidicelli had saved up for Sarah G’s ring since 2014? LPU 85—Jc. Marcelino 22, Nzeusseu 14, Ibanez 11, David 9, Jv. Marcelino 6, Tansingco 6, Caduyac 5, Navarro 5, Santos 5, Yong 2, Guinto 0, Valdez 0.CSB 83—Naboa 15, Belgica 12, Gutang 12, Nayve 10, Carlos 9, Young 9, Flores 4, Haruna 4, Dixon 3, Leutcheu 3, Lim 2, Lepalam 0.Quarters: 16-14, 39-41, 69-66, 85-83ADVERTISEMENT Duterte calls himself, Go, Cayetano ‘the brightest stars’ in PH politics Becoming his own man Fil-Am Kelli Hayes leads Gilas women’s roster for 2019 Fiba Asia Cup This jewelry designer is also an architect Nzeusseu was an imposing presence in the lane with 10 points and 14 rebounds that picked apart CSB’s frontline and opened a wide door of opportunities for speedy guards JC and Jayvee Marcelino to carry out what they do best.The Marcelino twins combined for 28 points, 14 rebounds and five steals, most of them done in a whirlwind second half as the Pirates went on to notch their ninth victory in 12 games overall.FEATURED STORIESSPORTSGreatest ever?SPORTSBecoming his own manSPORTSFormer PBA import Anthony Grundy passes away at 40Several bad decisions and miscues actually accelerated the downfall of the Blazers, who now lost five of their last six games for a 6-5 record after committing 20 turnovers.Prince Carlos and Justin Gutang kept the Blazers within winning distance late in the final frame, but those errors hurt them so much that it worked to the Pirates’ advantage. DTI creates Marahuyo, a luxe Filipino fashion brand for global buyers View comments LATEST STORIES Sports Related Videospowered by AdSparcRead Next Canadian vaping study details danger from ‘popcorn lung’ chemical Don’t miss out on the latest news and information. Drilon apologizes to BCDA’s Dizon over false claim on designer of P50-M ‘kaldero’ Trending Articles PLAY LIST 00:50Trending Articles04:26Deaf personalities everyone should know05:01What the Deaf want the hearing to know02:11Makabayan bloc defends protesting workers, tells Año to ‘shut up’03:07PH billiards team upbeat about gold medal chances in SEA Games01:38‘Bato’ to be ‘most effective’ CHR head? It’s for public to decide – Gascon02:07Aquino to Filipinos: Stand up vs abuses before you suffer De Lima’s ordeal01:28Ex-President Noynoy Aquino admits contracting pneumonia00:45Aquino agrees with Drilon on SEA games ‘kaldero’ spending issue Ethel Booba on SEA Games cauldron: ‘Sulit kung corrupt ang panggatong’ MOST READ For the complete collegiate sports coverage including scores, schedules and stories, visit Inquirer Varsity.last_img read more