I am not sure about the cap raise price or the amount that they...

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.