Cockatoo completes placement for Blackwood offer
PERTH (miningweekly.com) – Coal miner Cockatoo Coal has raised A$60-million under a share placement to sophisticated and institutional investors, issuing more than 1.33-million new shares and meeting a condition of its proposed takeover of fellow ASX-listed Blackwood.
Cockatoo said on Wednesday that the share placement completed a total equity raising of A$153-million.
The settlement and allotment of the new shares would be subject to shareholder approval at an upcoming extraordinary general meeting, which would be held in mid-December.
Cockatoo MD Andrew Lawson said that the equity raising, and the broader recapitalisation of Cockatoo, represented the start of a new phase for the company, focused on development of the near-term, low-cost Baralaba expansion, in Queensland.
Earlier this month, Cockatoo launched an offmarket takeover for Blackwood, offering two of its shares for each Blackwood share held.
Blackwood’s major shareholder, Noble Group has indicated that it would accept the offer for its entire 51.2% stake in the junior, subject to the independent expert concluding that the offer was fair and reasonable.
The offer was subject to a number of key conditions, including a minimum acceptance of 52.1% and the successful completion of the A$153-million capital raising.
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