Yanzhou Coal completes acquisition of C&A
2017-09-01 16:34:54 [Print]
Yanzhou Coal Mining Company Limited (“Yanzhou Coal Mining”) disclosed on the morning of 1 September that its overseas holding subsidiary, Yancoal Australia Limited (“Yancoal Australia”), subscribed for 100% of equity of Coal & Allied Industries Limited (“C&A”) held by Rio Tinto Group (“Rio Tinto”), and that it acquired share allotment of Yancoal Australia and converted the convertible hybrid debt into shares.
On 31 August 2017, USD1,800,003,100 of the hybrid debt of Yancoal Australia held by Yanzhou Coal Mining was converted into 18,000,031,000 shares of Yancoal Australia at the price of USD0.1 per share. On the same day, Yancoal Australia issued 23,464,929,520 shares at the price of USD0.1 per share to finance by share allotment and supplemented issuance of 1.5 billion shares to institutional investors at the price of USD0.1 per share; particularly, Yanzhou Coal Mining acquired 10 billion shares of Yancoal Australia with USD1 billion. After the share allotment financing and hybrid debt conversion, Yanzhou Coal Mining’s holding shares of Yancoal Australia increase from 77,548,899 to 28,775,519,994, while the shareholding ratio declines from 78% to 65.46%.
Up to 31 August 2017, the acquisition is settled on 1 September 2017 given qualified prerequisite conditions; C&A becomes a wholly-owned subsidiary of Yancoal Australia, and therefore, is a subsidiary within the combined financial statement of Yanzhou Coal Mining.
On 31 August 2017, USD1,800,003,100 of the hybrid debt of Yancoal Australia held by Yanzhou Coal Mining was converted into 18,000,031,000 shares of Yancoal Australia at the price of USD0.1 per share. On the same day, Yancoal Australia issued 23,464,929,520 shares at the price of USD0.1 per share to finance by share allotment and supplemented issuance of 1.5 billion shares to institutional investors at the price of USD0.1 per share; particularly, Yanzhou Coal Mining acquired 10 billion shares of Yancoal Australia with USD1 billion. After the share allotment financing and hybrid debt conversion, Yanzhou Coal Mining’s holding shares of Yancoal Australia increase from 77,548,899 to 28,775,519,994, while the shareholding ratio declines from 78% to 65.46%.
Up to 31 August 2017, the acquisition is settled on 1 September 2017 given qualified prerequisite conditions; C&A becomes a wholly-owned subsidiary of Yancoal Australia, and therefore, is a subsidiary within the combined financial statement of Yanzhou Coal Mining.
