http://www.businessspectator.com.au/bs.nsf/Article/nab-axa-amp-ac...

http://www.businessspectator.com.au/bs.nsf/Article/nab-axa-amp-accc-samuel-clyne-aston-tinkler-pd20100806-82S7J?OpenDocument&src=sph


Aston Resources advisers have done their bit to ensure that the float of Nathan Tinklers coal company remains on track, with the price of the initial public offering reportedly cut from $8.20 to $5.96. The 25 per cent drop in pricing was presumably needed after overseas investors failed to jump on board in sufficient numbers and there are suggestions that Gloucesters oversubscribed $434 million raising could also have been a factor by diverting investor attention. According to The Australian, Astons targeted market capitalisation now stands at $1.2 billion and the IPO looks set to raise around $300 million. Talks of a third cornerstone investor coming into the picture have also dissipated, with reports that Swiss commodity trader Glencore was no longer interested. The repricing is expected to keep the float alive, but Tinkler's anticipated $600 million paper profit is set to be substantially lowered to around $450 million. Meanwhile, another rising coal prospect Cockatoo Coal is reportedly planning to raise $105 million to fund its expansion work in the Surat Basin. Cockatoos CFO Peter Nightingale told the AFR that the miner had received strong market support and also played down speculation that it might be interested in Coal & Allieds Oaklands thermal coal project in NSW.