Minter Ellison advised Cockatoo Coal Limited on its A$313 million capital raising
March, 2012 - Sydney, New South Wales
Long-standing client Cockatoo Coal Limited has announced a A$313 million capital raising via a share placement to South Korean company SK Networks. Cockatoo Coal is an ASX-listed metallurgical and thermal coal development and production company with assets in Queensland and New South Wales. Minter Ellison has been a key adviser to the company since it listed in 2005.
Proceeds of the investment will help fund Cockatoo’s medium term infrastructure and project developments. Head of M&A in the Sydney office, partner James Philips, led the team. "Cockatoo is a leading independent coal development company. It is exciting to contribute to its continued growth and success," he said.
The placement will increase SK Network's interest in Cockatoo to 40 per cent. SK Networks operates across the energy, chemicals, steel, mobile telephones and apparel sectors. Its energy and resources business focuses on commodities trading and specialises in coal and oil and gas and resources development. The company has a market capitalisation of A$2.2 billion.
The transaction is subject to FIRB and relevant Korean Government approvals, as well as to Cockatoo shareholder approval.
