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Hargreaves Services - Raises £40.7m for coal assets

May 2013

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • HSP
  • Price:
  • 795p
Hargreaves has announced the placing of 5.46m new shares at 775p to raise £40.7m net in order to acquire more opencast coal assets in the UK. Hargreaves has had ready takers for its Tower coal production and says that there is presently a unique opportunity to acquire other assets as several key players are financially stressed.  The first such deal was the purchase of the secured debt belonging to ATH, which produces 1.8m tonnes per annum from its surface mines and moves to take over the mines are underway whilst   other deals are now being worked on (e.g. Scottish Resources Group and UK Coal Mining). As a guide, they say their medium term target is to achieve 3m tonnes per annum of surface coal production (i ...

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