Coronado Global (CRN AU): Partial/Full Sale? Something's Up (As Is The Share Price)
Declining coking coal prices, operational issues, a credit rating downgrade, and Sev.en Global's failed Offer, have resulted in met coal play Coronado (CRN AU)'s shares trading around an all-time low.
Shares popped 14.8% today, and are now up ~48% from its all-time low a month ago.
What gives? Coronado has already confirmed the potential sale of a minority interest in certain assets. But there is speculation a full Offer may be in the wings.
The Trade:
At 0.1x P/B, trading around a lifetime low share price, and talk of a possible sale of assets, even if partial, you're hard pressed to be bearish here.
The NEW News
On the 27th June, Coronado confirmed it had "engaged in discussions with certain counterparties about a potential sale of a minority interest in certain assets, but had not received any binding proposal from any party and had not made any decision as to whether it would proceed with a sale or any other form of transaction".
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