Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Whitehaven Coal Ltd    WHC   AU000000WHC8

WHITEHAVEN COAL LTD (WHC)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Whitehaven Coal Offers A$142 Million For Coalworks

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/07/2012 | 05:36am CEST

-- Whitehaven offers A$1 a share for Coalworks, a 17% premium to last closing price

-- Whitehaven already has a roughly 17% stake

-- Offer builds on recent takeover of Aston Resources

(Adds details on the offer in the 1st, 7th and 9th-11th paragraphs and background throughout.)

 
   By Robb M. Stewart 
   Of  
 

Whitehaven Coal Ltd. (>> WHITEHAVEN COAL LIMITED) moved Monday to wrap up its control of coal projects in eastern Australia with a A$142 million (US$144 million) offer for smaller Coalworks Ltd. (>> Coalworks Limited), following its recent A$2.3 billion takeover of Aston Resources Ltd.

Coalworks shareholders will be offered A$1 cash for each share, a 17% premium to the closing price Friday, Whitehaven said in a statement.

Whitehaven already owns a 17.3% stake in Coalworks after acquiring Aston and unlisted Boardwalk Resources, which is jointly exploring with Coalworks the latter's Ferndale coking and thermal coal project in New South Wales.

"The acquisition of Coalworks represents a logical next step...which will allow Whitehaven to consolidate its development and exploration portfolio," said Tony Haggarty, managing director of Whitehaven.

Whitehaven's move on Aston this year created Australia's biggest independent coal-only mining company, bulking up its resource base to better compete against giant diversified mining companies such as BHP Billiton Ltd. (BHP) and Xstrata PLC (>> Xstrata PLC). Dealmaking in Australia's coal sector has been hot in recent months, with Yanzhou Coal Mining Co. (YZC) seeking to buy Gloucester Coal Ltd. (>> Gloucester Coal Limited) and U.S. producer Peabody Energy Corp. (BTU) last year acquiring Australia's Macarthur Coal Ltd. for A$4.9 billion.

Industry analysts had speculated Whitehaven would extend its reach with a bid for Coalworks. After Whitehaven launched its offer in December for Aston and Boardwalk, Coalworks appointed Pitt Capital Partners as an adviser.

There was no immediate response to the offer from Coalworks, a spokesman said.

Coalworks last month raised A$17.4 million via a share placement at A$0.78 each, through which commodities trader Noble Group Ltd. (N21.SG) increased its stake to 9%.

Whitehaven's Haggarty said the takeover bid is at a significant premium to the placement price, and offers cash in exchange for the risk associated with funding and developing of Coalworks' assets. The Vickery South and Ferndale projects are capital intensive, and can be more efficiently development in combination with Whitehaven's assets, he said.

The Vickery South project is next to Whitehaven's Vickery coking and thermal coal development in New South Wales.

Coalworks also has a 33.4% stake in Orpheus Energy Ltd. (OEG.AU) that Whitehaven said it would seek to sell.

Whitehaven, which has plans to boost production to about 25 million metric tons a year by 2016 from 4.7 million in the last financial year, said its offer is conditional on confirmation that a corporate advisory arrangement between Coalworks and Noble can be ended without any termination fee and Coalworks not declaring any dividends.

Grant Samuel Corporate Finance and Goldman Sachs Australia are acting as financial advisers to Whitehaven.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
BHP BILLITON LIMITED -0.19% 30.86 End-of-day quote.4.36%
BHP BILLITON PLC 0.91% 1534.4 Delayed Quote.0.78%
NOBLE GROUP LIMITED 6.50% 0.131 End-of-day quote.0.00%
PEABODY ENERGY CORPORATION 2.31% 18.14 End-of-day quote.-84.38%
WHITEHAVEN COAL LTD 0.00% 4.52 End-of-day quote.1.35%
YANZHOU COAL MINING CO LTD -0.43% 13.88 End-of-day quote.-4.41%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WHITEHAVEN COAL LTD
04/18Suncorp Taps Christine McLoughlin to Succeed Chairman Ziggy Switkowski
DJ
03/27WHITEHAVEN COAL : to acquire Winchester South Project from Rio Tinto
AQ
03/27Rio Tinto Sells 80% Stake in Kestrel Mine for $2.25 Billion
DJ
03/22WHITEHAVEN COAL : Rio Tinto agrees sale of Winchester South to Whitehaven for $2..
AQ
02/23WHITEHAVEN COAL LTD : Ex-dividend day for for interim dividend
FA
02/22WHITEHAVEN COAL : Appendix 3Y - Anthony Haggarty
PU
02/22WHITEHAVEN COAL : Appendix 3Y - Fiona Robertson
PU
02/20WHITEHAVEN COAL : In A Purple Patch
AQ
02/16WHITEHAVEN COAL : Appendix 3X - Fiona Robertson
PU
02/16WHITEHAVEN COAL : Appendix 3Z - Christine McLoughlin
PU
More news
News from SeekingAlpha
03/22Rio Tinto continues to exit Australian coal with new $200M sale 
02/16Whitehaven Coal Ltd, ADR 2018 Q2 - Results - Earnings Call Slides 
02/08BLOOMBERG : China wealth fund may join bidding for Rio Tinto coal mines 
2017BLOOMBERG : Glencore, Apollo bid for Rio Tinto's $1.5B coal assets 
2017REUTERS : Rio opens books to suitors for remaining Australia coal mines 
Financials ( AUD)
Sales 2018 2 175 M
EBIT 2018 799 M
Net income 2018 524 M
Finance 2018 114 M
Yield 2018 7,49%
P/E ratio 2018 8,57
P/E ratio 2019 10,19
EV / Sales 2018 2,08x
EV / Sales 2019 2,11x
Capitalization 4 638 M
Chart WHITEHAVEN COAL LTD
Duration : Period :
Whitehaven Coal Ltd Technical Analysis Chart | WHC | AU000000WHC8 | 4-Traders
Technical analysis trends WHITEHAVEN COAL LTD
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 4,76  AUD
Spread / Average Target 5,3%
EPS Revisions
Managers
NameTitle
Paul Flynn Chief Executive Officer, Director & MD
Mark Anthony James Vaile Non-Executive Chairman
Jamie M. Frankcombe Executive General Manager-Operations
Kevin Ball Chief Financial Officer
John Craig Conde Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
WHITEHAVEN COAL LTD1.35%3 558
GLENCORE-2.40%77 365
CHINA SHENHUA ENERGY COMPANY LIMITED-11.31%62 200
COAL INDIA10.78%27 385
SHAANXI COAL INDUSTRY CO LTD-4.41%12 392
YANZHOU COAL MINING CO LTD-4.41%9 037