The Macarthur Coal-Noble group coal shuffle is edging closer to fruition.
The deal, when completed, will see Noble, a Singapore-based commodities trader, emerge with as stronger position in the Australian coal industry with stakes in NSW and Queensland.
Macarthur said yesterday that it had been advised by Noble Group (the largest shareholder of Gloucester Coal with an 87.7% stake) that the Foreign Investment Review Board has no objections to Noble Group being issued shares in Macarthur in consideration for Macarthur acquiring:
- Noble Group’s shares in Gloucester under Macarthur’s off-market takeover bid for Gloucester that was announced on 22 December 2009 ("Gloucester Offer");
- 25.34% of the shares in, and certain other interests relating to, Middlemount Coal Pty Ltd ("Middlemount") from Noble Group, to take Macarthur’s ownership to 100% of Middlemount ("Middlemount Transaction").
Macarthur said the Gloucester Offer and Middlemount Transaction remain subject to conditions (including the approval of Macarthur shareholders) which are set out in Macarthur’s bidder’s statement dated February 26, 2010.
"Noble Group has not indicated to Macarthur whether it intends to accept the Gloucester Offer. However, Macarthur understands that: Noble Group requires the approval of its shareholders in order to be in a position to accept the Gloucester Offer; and that a meeting of Noble Group shareholders to consider and, if thought fit, approve Noble Group accepting the Gloucester Offer is expected to be held in late April 2010." Macarthur told the ASX yesterday.
Singapore-based Noble will end up with a 24.6% stake of Macarthur should this deal go ahead.
The deal was worth $668.81 million (US$612.36 million) when launched in December.
Macarthur has offered A$8.00 cash for each Gloucester share, or 0.84 Macarthur shares for each Gloucester share.
Shares in Macarthur were up 4c at $11.90 yesterday and Gloucester shares rose 5c to $9.83 in a market that was easing for most of the day.
Oil and gas company Molopo Energy said yesterday it was looking to raise $60 million in new equity to step up its exploration and development programs.
Molopo said in the statement to the ASX the money would be used mainly on its Canadian oil projects.
Molopo said that an equity raising designed to raise the funds was fully underwritten, with $28.5 million in shares to be offered in a one-for-seven accelerated renounceable entitlement offer at an issue price of $1.03.
That price is 21.4% below Molopo’s $1.31 closing share price last Friday.
Institutional shareholders will be able to purchase up to $31.5 million through a placement, with the price to be determined in a bookbuild.
Full details of the retail share offering are to be lodged with the stock exchange next Monday, March 22.
The issue will lead to a substantial dilution of existing shareholders of around 27%, but they will have the option to maintain their stakes in both offers.
The institutional offer opens on March 15 and closes on March 16, while the retail offer opens on March 22 and closes on April 9.
