Tiger Brokers

BUZZ-Australian Pacific Coal loses most in over 5 years on discounted placement

Reuters
Oct 04, 2024

** Shares of Australian Pacific Coal down 25.4% at A$0.12, their biggest intraday pct loss since Aug 13, 2019

** Stock hits its lowest level since Aug 6

** The coal miner said on Wednesday it is undertaking A$20 mln ($13.68 mln) equity raising

** Shares resumed trade on Friday

** Issue price of A$0.12 per share is at a 25.5% discount, as of last trading price on Oct 1

** Says proceeds will be used to satisfy co's 50% shares of A$20 mln subordinated facility, among others

** Firm set for its worst weekly performance since March 24, 2023, if current trend holds

** Over 4.4 mln shares change hands, 5.3 times the 30-avg volume of shares

** ACQ down 25.4% YTD, including current session

($1 = 1.4620 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com;))

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