Yancoal
(ASX:YAL) has announced the volume weighted average price (VWAP) for its shares which it will use to determine the adjusted conversion price for its subordinated capital notes (SCN) will be 24.6 Australian cents per share [US$0.195 per share]
The Australian based coal producer and developer says the final conversion price will be determined once the number of shares under its US$2.35 billion entitlement offer are known.
However, Yanzhou Coal Mining agreed to a subordinated capital notes (SCN) conversion price of the unadjusted price of US$0.10 per Yancoal share.
Meantime, one of the underwriters of Yancoal’s 23.6 to 1 renounceable pro-rata entitlement offer, China Cinda Asset Management has received FIBR approval to subscribe to Yancoal’s shares.
Shares in Yancoal
(ASX:YAL) last traded 10 per cent lower yesterday to 13.5 cents.
