Key Developments: New World Resources Plc (NWRR.L)
70.00GBp
11:36am EDT
4.00p (+6.06%)
66.00p
64.25p
72.50p
64.25p
289,112
235,268
359.30p
50.50p
Latest Key Developments (Source: Significant Developments)
New World Resources PLC’s Mine Unit OKD to Cut Jobs as Part of Plan to Save Firm - Reuters
Reuters reported that New World Resources PLC (NWR) mining unit OKD will lay off 250 staff and one third of its contract workforce to counter a sharp drop in coal prices that have led to losses and a record low share price. OKD estimates that its contract workforce would drop to 2,700, and that it would also cut investments, merge mine management teams, cut administrative costs and take other measures to survive, as part of a savings package outlined last month. Full Article
Moody's Investors Service Downgrades New World Resources PLC's Rating, Negative Outlook-Reuters
Reuters reported that Moody's Investors Service lowered its rating for New World Resources PLC (NWR) to B2, with a negative outlook, due to deterioration of the situation in the coal sector. Full Article
Standard & Poor's Ratings Services Downgrades New World Resources PLC’s Rating to B, Outlook Stable - Reuters
Reuters reported that Standard & Poor's Ratings Services lowered its long-term corporate credit rating for New World Resources PLC (NWR) to B from B+, with a stable outlook. Standard & Poor's Ratings Services said that the revision reflects its forecast that NWR will report weak results in the rest of 2013 and 2014, due to weak coal prices in the second half of 2013 and a drop in coal production. Full Article
New World Resources PLC Plans Reorganization and Job Cuts; Shares Fell Over 14% - Reuters
Reuters reported that New World Resources PLC’s shares fell more than 14% on Friday (May 17, 2013), hitting a new record low a day after the Czech miner posted a record quarterly loss and said it would close or sell some unprofitable operations and cut jobs. Full Article
New World Resources PLC to Revise Its FY 2013 Production Guidance in Difficult Environment - Reuters
Reuters reported that New World Resources PLC is going to cut targets in its full-year guidance because a difficult trading environment has hit its operating performance. The London and Prague-listed Company, which supplies the central European units of steelmakers ArcelorMittal and Evraz, said on Thursday (April 18, 2013) it would disclose its new target "in a timely manner". The Company’s shares fell to a fresh record low of CZk 52.7 per share in Prague, less then an eighth of the value the share had at its 2008 stock market debut. The Company had in February 2013 set a coal production target for the 2013 fiscal year at between 10 million and 11 million tones, after 11.2 million tones in 2012. It was also targeting sales of 9.5 million to 10.5 million tones, split equally between coking and thermal coal. Full Article
New World Resources PLC Announces Closing of EUR 275 Million Senior Notes Issuance
New World Resources Plc and New World Resources N.V. (NWR) jointly announced that NWR has closed its offering of EUR 275 million senior notes due 2021. The Notes carry a coupon of 7.875% and were sold at par. The net proceeds of the offering will be used to repay in full the outstanding amounts under NWR's EUR 258 million amount of senior notes due 2015, and for fees, expenses and general corporate purposes. Full Article
New World Resources PLC Announces Pricing Of EUR275 Million Senior Notes
New World Resources PLC announced that the pricing of EUR275 million senior notes due 2021 (the Notes). The Notes will be issued at par with a coupon of 7.875%. Closing of the issuance of the Notes is expected to occur on 23 January 2013. The net proceeds of the Offering will be used to repay in full the outstanding amounts under NWR's EUR 258 million principal amount of senior notes due 2015 (the 2015 Notes), and for fees, expenses and general corporate purposes. Full Article
New World Resources PLC And New World Resources N.V. Announces Launch Of EUR275 million Senior Notes Due 2021
New World Resources PLC and New World Resources N.V. jointly announced offering, of EUR275 million senior notes due 2021 (the Notes). The net proceeds of the Offering will be used to repay in full the outstanding amounts under NWR's EUR258 million principal amount of senior notes due 2015 (the 2015 Notes), and for fees, expenses and general corporate purposes. The Company's 2015 Notes are callable at 101.844% of par, plus accrued and unpaid interest. NWR plans to issue a call notice for its 2015 Notes upon the closing of the Offering. Full Article
New World Resources PLC Issues FY 2013 Production Guidance
New World Resources PLC announced that for fiscal 2013, it expects coal production in the range of 10-11Mt; coke production of approximately 800kt. Full Article
New World Resources PLC Announces Interim Squeeze-out Dividend for NWR NV Shareholders
New World Resources PLC announced that New World Resources N.V.'s (NWR NV) Board of Directors has proposed an interim squeeze-out dividend of EUR 0.01 per share, which will be paid to its A shareholders on October 5, 2012. The purpose of the dividend is to fund the squeeze-out price to be paid by New World Resources PLC to the remaining A shareholders of NWR NV. Subject to various exceptions and exemptions, shareholders are generally subject to Dutch dividend withholding tax at the rate of 15% on dividends distributed, which NWR NV is required to withhold and account for to the Dutch tax authorities. The record date (record time is close of market) is September 27, 2012 and the payment date is October 5, 2012. The total amount of the interim squeeze-out dividend will be EUR 2,646,987.15, while the total number of shares amounts to 264,689,715 A shares. Full Article
UPDATE 1-NWR shares bounce on prospects for cash boost from sales
* Shares jump 20 percent on news JSW looking at NWR assets
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