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IN BRIEF: Largest shareholder in Bens Creek to sell portion of stake

Fri, 14th Apr 2023 10:38

Bens Creek Group PLC - London-based metallurgical coal mine owner - Says it is aware its largest shareholder, MBU Capital Ltd, is in discussions to sell a portion of its shareholding at a price of 18 pence per share to an undisclosed international commodity trading business. MBU Capital holds 54% of the company. Bens Creek says the discussions are expected to result in the buyer purchasing a 30% stake of the current issued share capital of the company, and adds it is not party to the transaction. Says it is not aware of any commercial or operational reasons for movement of its share price on Thursday.

Current stock price: 19.75 pence each, up 3.1% on Friday morning in London.

12-month change: down 80%

By Sabrina Penty; Alliance News reporter

Comments and questions to newsroom@alliancenews.com

More News

26 Mar 2024 13:39

Bens Creek draws additional working capital from largest shareholder

(Alliance News) - Bens Creek Group PLC announced on Tuesday that it has drawn additional financing to cover the requirements of its North American mining projects.

19 Mar 2024 14:11

IN BRIEF: Bens Creek falls as draws down USD9 million

Bens Creek Group PLC - Owner and operator of coal mines across the US - Draws down USD7.5 million under the working capital facility in place with Avani Resources Pte Ltd. Avani is a Singapore-based commodities trader, Bens Creek's largest shareholder with a 30% stake. Avani have also advanced a further USD1.3 million to Bens Creek as part of the discretionary component of the facility. The facility was announced earlier in March.

19 Mar 2024 10:44

AIM WINNERS & LOSERS: PHSC notes buyback; Gfinity up on interims

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

6 Mar 2024 16:59

IN BRIEF: Bens Creek up on new USD7.5 million working capital facility

Bens Creek Group PLC - Owner and operator of coal mines across the US - Enters into an amended loan instrument and security agreement with Avani Resources Pte Ltd, a Singapore-based commodities trader, Bens Creek's largest shareholder with a 30% stake. Avani will provide Bens Creek with a working capital facility of USD7.5 million, alongside an additional USD2.5 million at its discretion. To date, Avani has advanced USD5.0 million to Bens Creek, USD4.3 million of which was advanced in February. Avani has also agreed to restructure its outstanding USD6.5 million loan note, issued by Bens Creek in July. Due for repayment in January 2025, the pair have agreed that the loan note shall now be a rolling loan note, remaining open until either its repayment or the event of a default.

29 Feb 2024 19:42

EARNINGS AND TRADING: East Star, Getech strike Kazakhstan JV

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

27 Feb 2024 21:12

TRADING UPDATES: Armadale Capital eyes Mahenge project financing

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

22 Feb 2024 18:45

EXECUTIVE CHANGES: M&C Saatchi hires Channel 4 marketing chief as CEO

(Alliance News) - The following is a round-up of London-listed company director and manager changes announced on Thursday and not separately reported by Alliance News:

9 Feb 2024 10:02

AIM WINNERS & LOSERS: Belluscura shares up as wraps up TMT takeover

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

9 Feb 2024 09:44

Bens Creek inks new working capital facility after tough start to 2024

(Alliance News) - Bens Creek Group PLC said that operational challenges over the recent period had impacted the company's cash flow, forcing it to update funding arrangements with its largest shareholder.

9 Feb 2024 09:32

Bens Creek CEO to step down, secures new loan with major shareholder

(Sharecast News) - Coal mine owner Bens Creek revealed on Friday that chief executive Adam Wilson will step down from the role and said it had arranged a new loan with major shareholder Avani.

8 Jan 2024 09:53

IN BRIEF: Bens Creek quarterly production grows by more than half

Bens Creek Group - owner of a metallurgical coal mine in the US state of West Virginia - Produces 112,342 clean tons of metallurgical coal between October 1 and December 31, reflecting a 53% increase from 73,655 tons in the same period in 2022. Says it was restricted in production in November and December because of a slowdown in the availability of trains in the quarter, particularly in December, which saw a build-up in inventory to around 90,000 tons. This was then reduced to less than 60,000 tons after some deliveries were completed. Notes that the reduced availability of trains was due to coal handling capacity issues at the Port of Norfolk. Chief Executive Officer Adam Wilson says: "This increased production is further enhanced by the reduction of costs per ton from June 2023, and the recent rebound in the metallurgical coal price from its lows of USD191 in August 2023 to USD250 at the current time."

28 Dec 2023 16:46

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BEN.L Share News (BEN)

IN BRIEF: Largest shareholder in Bens Creek to sell portion of stake

Bens Creek draws additional working capital from largest shareholder

IN BRIEF: Bens Creek falls as draws down USD9 million

AIM WINNERS & LOSERS: PHSC notes buyback; Gfinity up on interims

IN BRIEF: Bens Creek up on new USD7.5 million working capital facility

EARNINGS AND TRADING: East Star, Getech strike Kazakhstan JV

TRADING UPDATES: Armadale Capital eyes Mahenge project financing

EXECUTIVE CHANGES: M&C Saatchi hires Channel 4 marketing chief as CEO

AIM WINNERS & LOSERS: Belluscura shares up as wraps up TMT takeover

Bens Creek inks new working capital facility after tough start to 2024

Bens Creek CEO to step down, secures new loan with major shareholder

IN BRIEF: Bens Creek quarterly production grows by more than half

London close: Stocks slip as US jobless claims top expectations

London midday: Stocks reverse gains to turn lower at lunchtime

Bens Creek losses widen as it maintains operational progress

AIM WINNERS & LOSERS: Zanaga powers up in the Republic of Congo

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IN BRIEF: Largest shareholder in Bens Creek to sell portion of stake

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