Miner drops London from its roll call of possible exchanges
Sunday 17 January 2010
Lubel Coal Company, a Ukraine-focused miner, is set to snub London for Warsaw or Hong Kong when it lists on public markets later this year.
The company has long harboured plans to raise between $150m and $200m by joining the Alternative Investment Market, London's junior stock exchange. But, it now believes that it would not be a popular listing in the UK, as the mine it plans to develop could take five years to reap strong returns.
Most successful 2010 London listings are expected to be by companies with strong cashflow, which will therefore soon show share price growth.
Lubel's finance director, David Swan, said: "I have the view that London will not happen for us this year. Certainly, a [flotation] is our biggest challenge." The company needs about $700m to fully finance the project, including overhead costs.
Lubel's sites, which could contain 74 million tonnes of coal, are located close to the Polish border, making the Warsaw exchange geographically convenient. Lubel's advisers include Unicredit and JP Morgan Cazenove.
- 1 Green village to be bulldozed and mined for lignite in Germany's quest for non-nuclear fuel
- 2 HeForShe campaign: Iceland to follow up Emma Watson speech with UN women's rights conference – for men only
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Teenagers irritable because early school hours mess with their biological clocks
- 5 Now we know whose fault it is if you end up being murdered in Thailand
Isis could become 'world’s first truly terrorist state' and bomb UK with nuclear and chemical weapons, Theresa May warns
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...