Trading Halt, looks like the rumours about purchasing Solid Energy are true....
http://www.asx.com.au/asxpdf/2016103...w0mvyc4jp9.pdf
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Trading Halt, looks like the rumours about purchasing Solid Energy are true....
http://www.asx.com.au/asxpdf/2016103...w0mvyc4jp9.pdf
http://www.nzherald.co.nz/business/n...ectid=11739126
Well, this was probably the worst kept secret for at least a week, so I hope those who wanted to get in, did, because now we might not see below 10 cents every again (hoping!)
Details will be very interesting when released on Wednesday, but it sounds like Phoenix Coal got a good deal :t_up:
Being that the shareprice has risen by circa 400% in the past 3 months (not something you get to say or type very often!!).... how much of this do we attribute to the price of coking coal ramping up, and how much can we attribute to the Solid Energy rumors? I guess what im asking is..... if the price has already gone up 400% how much higher can it go and how much of the Solid Energy deal has already been priced into the current shareprice?
I took the safe option and sold half of my holding at $0.055..... bugger :(
Nice gain but its fallen a long way!
BRL's problem was always the capital cost in getting the coal to market. This purchase whilst not sorting all the escarpment issues will provide a lot of the infrastructure to get the coal to market at a fraction of the cost.
Interesting to hear CEO Tacon on RNZ this morning saying the current deal was done based on July coal prices ie. being profitable for BRL at those levels. Looking a LOT better now if current prices can be sustained.
Disc: Hold quite a few at an average less than 2.4c but did start buying at 7.5c and bought more in the cash issue over 2 years ago at 6c so looking for some considerable price appreciation from here, given time.
Trading halt lapses at COB today, which is not too far away........ I would assume any announcement would be issued soon, unless the announcement is going to be to extend trading halt? Reminds me of the waiting game on the last trading halt I sat through....... WYN........ different outcome this time I hope!
They will stay in trading halt until earlier of commencement of trading day on Wednesday 2 Nov or when announcement is made to market.
Interesting depth with a buyer for 500k at 8.2 cents. Will be interesting to see the deal and what they are paying and how they are going to raise capital.
The trading halt, and when it would be lifted, and when further details would be annouced, was extremly well documented (unlike WNY and PPL which, for some reason, were mentioned).
Since July, Met Coal price has doubled, so this is really quite amazing they could be satisfied to purchase Solid Energy's assets based off around say $90, when it is now in excess of $200.
I will be interested in a mainly these 2 key things:
- Exact details of capital raising (rights issue hopefully, which would be fair to all shareholders)
- What they plan to do with the mines, mainly Solid Energy's stockton and Bathurst's Buller project (can it be started right now, any contracts in place, when will the money start coming in)
I just hope there isn't some sort of takeover offer looming or some big institution comes on board and snaps up most of the shares available or something... I just hope the little guys who have been holding (and hurting!) for a while now get a good shot and what is looking like an amazing, once in a lifetime opportunity
Who would have thought Bathurst would be New Zealand's largest coal producer, and coal prices would be up a couple hundred percent this time last year