Yancoal fails to raise shareholder enthusiasm

ASX-listed Yancoal Australia’s pro-rata renounceable entitlement offer to raise funds for the acquisition of mining major Rio Tinto’s Coal & Allied assets, has failed to gain traction with shareholders, with only 42.8% of the shares on offer being taken up. The 23.6-for-1 entitlement offer was launched in early August, and Yancoal’s holding company Yanzhou had committed to subscribe for A$1-billion of its entitlement under the offer.