Pike River Coal Limited (NZE:PRC) NZ$10M Placement Strongly Supported
Pike River Coal Limited (NZE:PRC) NZ$10M Placement Strongly Supported
Auckland, April 21, 2010 AEST (ABN Newswire) - Pike River Coal Limited (NZE:PRC) (PINK:PKRRF) advises that applications for its NZ$10 million placement have been closed fully subscribed.

Lead Managers international investment bank UBS (NYSE:UBS) and McDouall Stuart Securities have advised there was strong interest from a wide range and number of institutional investors in participating in the placement.

Settlement and issue of the new shares will occur on Friday 23 April 2010 subject only to usual underwriting/firm commitment conditions. The issue will complete the first part of the underwriting commitments of UBS, McDouall Stuart Group, and New Zealand Oil & Gas Limited (ASX:NZO) announced yesterday.

When completed, the placement will bring several new institutional investors onto Pike River Coal's share register. Cornerstone shareholder, New Zealand Oil & Gas Limited (NZOG), and Indian customer and shareholder, Gujarat NRE Limited (ASX:GNM). NZOG and Gujarat NRE will also participate in the placement at their current shareholding level.

As advised to the market yesterday, the underwriting of the NZ$40 million Rights Issue is conditional upon shareholder approval of the funding arrangements with NZOG which will be voted on at a shareholders' meeting to be held in Wellington on 7 May 2010.

Amendment To Rights Issue Timetable

Pike River Coal Limited advises that the Rights Issue timetable has been amended from that contained in its initial announcement of yesterday with regards to the NZ$10 million placement of shares and an underwritten NZ$40 million renounceable pro rata Rights Issue to shareholders and optionholders. The dates below reflect those contained in the Appendix 7 and Appendix 3B filed with NZX and ASX respectively.


TIMETABLE (all dates indicative - see Note 1)
------------------------------------------------------
Rights trading on ASX commences          23 April 2010
Record date                              30 April 2010
Opening date of Right Issue offer         3  May  2010
Rights trading on NZX commences           3  May  2010
Shareholders' meeting                     7  May  2010
Rights trading on ASX ceases             12  May  2010
Rights trading on NZX ceases             17  May  2010
Closing date of offer                    19  May  2010
Allotment date                           21  May  2010
-------------------------------------------------------
Note
1. These dates are subject to change and are indicative only. Pike River reserves the right to amend this timetable without prior written notice, subject to the respective Listing Rules of the NZSX and the ASX and relevant legislation, although an announcement of any changes will be made on the NZSX and the ASX. A full copy of the timetable will appear in the Prospectus.

A prospectus for the Rights Issue was lodged with the Companies Office for registration on 20 April 2010. A copy of the prospectus and an accompanying entitlement and acceptance form is expected to be mailed to shareholders and optionholders on 3 May 2010, and will shortly be available to view online at http://www.pike.co.nz.

The notice of meeting for the meeting to be held on 7 May 2010 will also be announced and available shortly.

About Pike River Coal Limited

Pike River Coal Limited (NZE:PRC) is New Zealand's only listed coal mining company, becoming an NZX Top 50 company in July 2008. Pike River is owned by more than 8,000 shareholders and is in the business of mining and exporting premium hard coking coal.

 


Contact

Gordon Ward
Chief Executive and Managing Director
Ph: +64-4-494-0190



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