News blog
Atlantic Coal / Strategic Natural Resources
- BY: Andrew Hore |
- POSTED: 20/10/2009 |
- COMMENTS: Add yours
Atlantic Coal has ended bid discussions with Strategic Natural Resources.
SNR says that it was unable to agree terms with Atlantic. The SNR share price fell 0.5p to 10.25p, which values the South African coal mine developer at £7.01m.
SNR’s 74%-owned subsidiary Elitheni Coal has agreed a 25 year supply agreement with Aim-quoted power station developer IPSA. An option has been taken on a site close to the mine in South Africa and an environmental impact assessment for the plant has commenced. SNR does not believe that this progress was reflected in the level of the proposed bid.
Grange Capital Ltd and European Power Systems AG have sold the 2.5m shares they each owned in SNR. Integrated Energy cut its stake by 1.84m shares to 660,000 shares. These shares were acquired by US-based coal miner Atlantic Coal at 8.25p a share, which gave it a 9.99% stake in SNR. These deals occurred on 7 August but they were not all reported until the end of August. The proposed 15p a share offer was announced on 10 August.
At 0.65p, Atlantic is valued at £9.01m.
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