I am not sure about the cap raise price or the amount that they will be raising.
What I will say is that there is two things going on here.
1) The purchase of some of the distressed assets of Solid Energy at distressed prices ( hopefully ).
2) The other ( the big one ) being that coal prices are rallying and that the cascade/escarpment export opportunities may begin.
Goldman Sachs ran the sale process for the Solid Energy assets and they may be behind the BRL cap raising.
I read that Solid Energy debt was around 250 mill and that after the sale of assets creditors were to receive about 50 cents in the dollar ( 125 million ) . So do we say that the phoenix purchase ( BRL 65% ) is about 50 million so Brl need 35 million. So maybe they raise 700 million at 5 cents.
Then they will have 2 billion shares and zero debt.
I know brokers were valuing them at over 1 billion dollars if they were to start the export of the coking coal so all good if prices stay strong.
http://www.theaustralian.com.au/bus...e/news-story/a94bfcd9596055a8e7da4d47b9e9f944
Old mines are reopening.
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Last
80.0¢ |
Change
0.005(0.63%) |
Mkt cap ! $153.0M |
Open | High | Low | Value | Volume |
80.5¢ | 81.0¢ | 79.0¢ | $9.941K | 12.48K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1500 | 80.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
82.0¢ | 29260 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 12000 | 0.710 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.820 | 24260 | 1 |
0.825 | 19408 | 1 |
0.835 | 14031 | 1 |
0.845 | 6538 | 1 |
0.850 | 2366 | 1 |
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