Sign 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 investors
Italian police busted a Sicilian Mafia drug ring operating in Peru and Colombia, making 13 arrests and seizing 20 kilogrammes (44 pounds) of high-quality cocaine overnight, a statement said. Among those arrested was the suspected kingpin, Paolo Messina, accused of operating in rare collaboration with the Naples-area crime syndicate the Camorra, the statement said. Camorra clan leader Tommaso Iacomino, a fugitive in South America, allegedly negotiated with the head of Peruvian and Colombian drug cartels over the prices to be paid by Messina and his cohorts for the cocaine. Italy is seeking the extradition of Iacomino, who has also allegedly sent large quantities of very pure cocaine to Sicily and northern Italy on his own account. Police wiretaps determined that the drugs transited Spain, The Netherlands and other European countries through front import-export companies before reaching Italy. Italy is among the top five European consumers of cocaine, according to the European Monitoring Centre for Drugs and Drug Addiction, which reported a surge of 15 percent among young adults aged 15 to 34 in its annual report last year. By Dialogo July 21, 2010
Walking across the battlefield amid the whir of tank treads and churning engines, Pat Buczkowski spun his finger in the air and yelled to his two compatriots.“Fire up the Tamiya,” he told them, moving over to the command tent. “We’re ready to go.”Buczkowski had a bit of a Godzilla city-destroying look as he stood over the one-sixteenth scale models of three tanks, two Pershing and one Russian, made from kits put out by Tamiya Corp.So did his fellow tank-battlers Don MacDonald and Darryl Usher, part of the Estacada Armored Corp. model tank club, who were set up and rolling across a mock battlefield outside of the Veterans Museum on Saturday.The tiny tanks and display were part of an effort to spread the word about the museum, which opened in 2011 at 1601 East Fourth Plain Blvd., Building 1918, on the Portland VA Medical Center campus in Vancouver.Bill Hill, a volunteer who manages the museum, said he hopes to do many similar events at the site with remote control tanks, airplanes and watercraft over the summer.