Hargreaves announce £42 million placing
Company raising funds to capitalize on potential opportunities to expand UK surface mining assets
HARGREAVES Services Ltd, specialists in solid fuel supply and bulk material logistics, have announced a proposed £42 million placing, to raise funds in order to capitalize on potential opportunities to develop and expand the company’s portfolio of UK surface mining assets.
The placing has been conducted through an accelerated book-building process carried out by N+1 Singer Advisory and Jefferies International Ltd, as joint book-runners and brokers, with corporate lawyers from Walker Morris acting as advisers to Hargreaves.
Tim Ross, non-executive chairman of Hargreaves, commented: ‘The UK coal industry is undergoing a major restructuring and we believe that this provides Hargreaves with an exceptional opportunity to acquire surface coal mining assets.
‘The fund-raising which we have announced today [17 April] will enable us to accelerate our strategy of expanding Hargreaves’ portfolio of UK surface mining assets and development pipelined though acquisition.
‘This will consolidate the company’s position as a leading owner and operator of surface mines, and produce significant benefits for the wider operations of Hargreaves.’
John Hamer, partner at Walker Morris, said: ‘Hargreaves Services are long-standing clients of Walker Morris and we are pleased to have been able to assist them with this latest transaction, which represents an important step to enable them to advance their strategy of developing their surface mining business.’