Past year: ▲ 5%(4.96 – 8.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Dec 2018capital raising announcement● NeutralMajor
Morgan Stanley partly exercised the over-allotment option for 4,361,900 new shares at HK$23.48, and the stabilisation period ended 29 December. Share count rises to about 1,320.4m; Yanzhou's stake dips to 62.26%.
24 Dec 2018capital raising announcement● NeutralMajor
The retail shortfall bookbuild failed to clear at HK$23.48, so no shortfall shares were sold or issued and non-participating holders get nothing for their entitlements. This ends the roughly HK$1.41 billion offer. Retail take-up was small, about HK$13.2 million.
20 Dec 2018capital raising announcement● Neutral
The retail part of the entitlement offer closed 18 December with just over HK$13.2 million of acceptances. About 7.7 million unclaimed shares go to a shortfall bookbuild on 21 December, at the same HK$23.48 price. Settlement is due 27 December.
7 Dec 2018capital raising announcement● Neutral
Yancoal sent the retail entitlement booklet and personalised forms to eligible shareholders on 7 December. The offer closes 18 December 2018 at 5pm Sydney time. Administrative notice with no new terms.
7 Dec 2018capital raising announcement● Neutral
Typeset re-release of the retail entitlement offer booklet, dated 29 November 2018. Same terms: 0.05387 for 1 at HK$23.48, closing 18 December. No new information.
6 Dec 2018capital raising announcement▲ GoodMajor
Institutional entitlement offer completed and Hong Kong trading began 6 December. Yanzhou, China Shandong Investment and Cinda renounced their rights (about 87.8% of the total) to Global Offering investors, so they are likely diluted (inference). Yanzhou and Yankuang face HK lock-ups; retail offer opens 7 December.
5 Dec 2018capital raising announcement● Neutral
Yancoal said Hong Kong IPO allocation results were released to HKEx on 5 December. The notice gives no new figures; the raising was already priced at HK$23.48 with 68,358,100 shares allocated.
4 Dec 2018capital raising announcement● Neutral
Yancoal said the institutional part of its entitlement offer has finished and no reason remains for the trading halt to continue. Procedural update on the raising; no new terms.
30 Nov 2018capital raising announcement● Neutral
Retail booklet for the 0.05387-for-1 entitlement offer at HK$23.48 per share (payable in A$ or US$), closing 18 December 2018. Repeats terms already announced and carries no new decisions; no cooling-off rights apply once an application is accepted.
29 Nov 2018capital raising announcement▲ GoodMajor
Yancoal priced its Hong Kong IPO at HK$23.48 (A$4.15), the bottom of the range, allocating 68,358,100 shares to raise HK$1.605bn, fully underwritten. It then launched the 0.05387-for-1 entitlement offer at the same price, up to about HK$1.589bn, a 27.7% premium to the A$3.25 ASX close. Hong Kong trading is expected 6 December.
26 Nov 2018capital raising announcement● NeutralMajor
Yancoal launched its fully underwritten Hong Kong IPO at HK$23.48-25.84 (A$4.09-4.50) per share, with Shaanxi Coal and Chemical as a cornerstone investor taking about US$40m. A follow-on entitlement offer of 0.05387 new shares per share is planned at the same price. Proceeds go mainly to debt repayment and the Moolarben stake. Final pricing is expected 30 November.
26 Nov 2018capital raising announcement● Neutral
Yancoal issued its Hong Kong prospectus (stock code 3668) for 59,441,900 shares, with 5,944,200 for Hong Kong retail and 53,497,700 international. Maximum price is HK$25.84; pricing is expected around 29 November, no later than 5 December.
23 Nov 2018capital raising announcement● Neutral
Yancoal lodged a second post-hearing information pack with HKEx on 22 November. Raising terms are due in the prospectus around 26 November. Existing holders can take part pro rata, and the listing still needs final HKEx approval and suitable markets.
23 Nov 2018capital raising announcement● NeutralMajor
The board set a Hong Kong offer range of HK$23.48-25.84 (A$4.09-4.50) per share against A$3.06 on ASX. The Global Offering is 59.44m shares plus up to 8.92m over-allotment, alongside a rights offer at the same price. Yanzhou, China Shandong and Cinda will renounce their rights to Global Offering investors.
2 Oct 2018capital raising announcement● NeutralMajor
Hong Kong listing application is 'well advanced', with a draft post-hearing information pack published. Proceeds would repay debt, fund a 4% Moolarben interest purchase, possible acquisitions and working capital. Size and price remain unset, and approval is not assured.
2 July 2018capital raising announcement● NeutralMajor
Yancoal lodged a confidential application for a primary Hong Kong listing, keeping its ASX listing, alongside a capital raising whose details are not finalised. A 35-for-1 share consolidation goes to a September vote; Yanzhou will dilute but stay the parent. Follows June's press reports.
31 Aug 2017capital raising announcement● NeutralMajor
Yancoal issued 23.46bn entitlement shares (US$2.35bn) and 1.5bn placement shares (US$150m) at US$0.10, plus 18.0bn shares to Yanzhou on converting its notes. Shares on issue rise from 994 million to 43.96bn, heavily diluting holders who did not take up.
28 Aug 2017capital raising announcement● NeutralMajor
The entitlement offer closed raising about US$1,004m at US$0.10 a share, with existing holders taking up 42.8%. The shortfall bookbuild drew only about US$59m and did not clear, so underwriters take about US$1,284m and no premium is payable to renouncing holders.
24 Aug 2017capital raising announcement● Neutral
Update on the entitlement offer: large holders facing BPAY limits above A$1m can pay by other methods, and shortfall will be offered to certain US qualified institutional buyers. Offer still closes 25 August 2017.
10 Aug 2017capital raising announcement● Neutral
Notice to shareholders ineligible for the entitlement offer, such as those outside Australia and New Zealand. Their entitlements will be sold through a nominee and bookbuild, with any premium over US$0.10 paid to them. Administrative notice.
10 Aug 2017capital raising announcement● Neutral
Personalised entitlement and acceptance form for the offer. Holders get 23.6 new shares per share at US$0.10 (about A$0.125) and can pay in A$ or US$. Entitlements trade on ASX until 18 August. Administrative document, no new terms.
10 Aug 2017capital raising announcement● Neutral
Typeset version of the entitlement offer booklet, correcting the rights trading code to YALRA and fixing typographical matters. Offer terms (23.6-for-1 at US$0.10, closes 25 August) are unchanged.
7 Aug 2017capital raising announcement▲ Good
Cinda, one of the underwriters of the entitlement offer, received FIRB approval for any share subscriptions under its underwriting commitment. This satisfies a condition of that commitment.
3 Aug 2017capital raising announcement● Neutral
Letter to shareholders on the entitlement offer: about 23.46bn new shares at US$0.10, a 67.9% discount to the 31 July close. Record date 7 August. Underwriters are Shandong Lucion, Glencore and Cinda's fund; Yanzhou takes about US$1bn. Repeats known terms.
What it means for a shareholder
23.46bn new shares at US$0.100 to raise about US$2.35bn. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
2 Aug 2017capital raising announcement● NeutralMajor
Yancoal announced a US$2.5bn equity raising for Coal & Allied: a 23.6-for-1 entitlement offer at US$0.10 a share (about US$2.35bn) plus a US$150m placement. Yanzhou commits US$1.0bn and will convert its notes. Heavily dilutive for those not taking up.
2 Aug 2017capital raising announcement● Neutral
Entitlement offer booklet for the 23.6-for-1 offer at US$0.10 per share, raising up to about US$2.35bn, underwritten or committed to about US$2.3bn. Offer closes 25 August 2017. Formal document for terms already announced.
31 Dec 2014capital raising announcement● NeutralMajor
Yancoal issued 18,005,102 Subordinated Capital Notes at US$100 each, raising US$1,800.5m, against the up-to-US$2.3bn originally sought. The initial distribution rate is 7.00%, with first payment expected 31 July 2015; distributions can be deferred. Notes trade on ASX from 2 January 2015.
23 Dec 2014capital raising announcement● Neutral
The shortfall bookbuild sold no additional Subordinated Capital Notes. Issue is still expected on 31 December 2014, with late applications accepted until 30 December.
22 Dec 2014capital raising announcement● NeutralMajor
Notes offer to eligible shareholders closed, raising about US$1.8bn gross, including Yanzhou's US$1.8bn commitment. About US$507.6m of entitlements go to a shortfall bookbuild on 23 December, so the offer falls well short of the up-to-US$2.3bn target. This confirms minority holders took up very little.
18 Dec 2014capital raising announcement● Neutral
Second supplementary prospectus: after the Panel orders, which let the offer proceed, Yanzhou confirms it remains committed to its full share of notes. The offer closes 22 December, shortfall bookbuild 23 December, notes issued 31 December 2014.
