Apac Coal

I'm really disappointed with Apac Coal and Magnus Energy. Magnus Energy' subsidiary listed on ASX on 10 Jul, but on Apac Coal's website it displayed 8 Jul. No mention was made on this until today!

Response on the IPO has been poor, maybe due to poor market sentiment. 75m new shares at A$0.20 each were offered, but only 35.727m have been issued. Thus just exceeding the minimum subscription level of A$7m. Yesterday, it trading to a low of A$0.13, way below its offer price!

This brings the total number of issued shares to 249,705,637. The listing of Apac would dilute Magnus's equity interest in Apac to approximately 55.78%.