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- Shipbuilders Austal (ASB) has denied the recent comments made in the media about the acquisition of the Hanjin shipyard at Subic Bay in the Philippines
- In recent days, various media articles have said that Austal is on the verge of purchasing the major shipbuilding facility
- Austal has now said it’s in the same position as it was in 2019
- The company says there is no certainty that any additional expansion opportunities will be either pursued or completed
- On the market this afternoon, Austal is up 1.72 per cent and is trading at $2.37 per share
Coronado Global Resources (ASX:CRN) has taken a dive on the ASX this afternoon, despite the company raising gross proceeds of around US$87 million (A$114 million) through an institutional entitlement offer.
The coal producer wrapped up the institutional component of its one-for-4.73 pro-rata accelerated non-renounceable entitlement offer on May 5.
Through the transaction, the company issued new CHESS depository interests (CDIs) at 45 cents each, representing a beneficial interest in one-tenth of a share in common Colorado stock.
Notably, Energy & Minerals Group (EMG) took up roughly 72 million CDIs through its affiliate, and CRN’s largest security holder, Coronado Group.
The uptake means EMG can hold onto its interest of at least 50.1 per cent of the CDIs on issue.
Coronado Managing Director and CEO Gerry Spindler commented on the completed component.
“The institutional entitlement offer was well-received and with the broader refinancing package, including US$350 million (around A$452.2 million) of senior secured notes and the asset-based loan — in an initial aggregate principal amount of US$100 million (roughly A$129.2 million) —we have created a capital structure that has increased our financial flexibility, extended our debt maturity profile and diversified our funding sources,” he said.
Coronado expects the new CDIs to be settled on May 13 to commence trading on the ASX the following day.
Retail entitlement offer
Meanwhile, CRN anticipates the retail component of its entitlement offer will open on May 11.
It gives eligible security holders the opportunity to subscribe for one CDI for every 4.73 existing CDIs already held, at the same offer price as the institutional component.
On the back of the announcement, Coronado shares have taken a 7.89 per cent dive to trade at 52.5 cents at 4:34 pm AEST.
