Contura withdraws IPO due to capital market conditions
14/08/2017
Contura Energy, Inc. has withdrawn the initial public offering of its shares of common stock due to capital market conditions. The company's principal selling stockholders unanimously determined that proceeding with the offering under current market conditions would undervalue the company. Accordingly, the company has withdrawn its registration statement on file with the US Securities and Exchange Commission (SEC). "We appreciate the diligent consideration given by our company's principal stockholders during this process," said Kevin Crutchfield, Chief Executive Officer. "Proceeding with an IPO at this time is not the best course for our company or our stockholders. We will continue to analyze all strategic options and opportunities to maximize the potential of our young company." As previously disclosed, the company amended its debt agreements to permit an aggregate amount of USD 150.0 million of cash to be used for the July 13, 2017 payment of a USD 100.7 million extraordinary dividend and dividend equivalent and for the potential repurchase of company common stock at any time no later than December 31, 2017. The company's board of directors is considering creating a common stock buyback program with the remaining USD 49.3 million. The board's analysis will take into consideration any legal or contractual limitations, actual and anticipated future earnings, cash flow, debt service and capital requirements, tax considerations, the trading price of the company's common stock, and other factors that the board may deem relevant.
14/08/2017
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Contura Energy, Inc. has withdrawn the initial public offering of its shares of common stock due to capital market conditions. The company's principal selling stockholders unanimously determined that proceeding with the offering under current market conditions would undervalue the company. Accordingly, the company has withdrawn its registration statement on file with the US Securities and Exchange Commission (SEC). "We appreciate the diligent consideration given by our company's principal stockholders during this process," said Kevin Crutchfield, Chief Executive Officer. "Proceeding with an IPO at this time is not the best course for our company or our stockholders. We will continue to analyze all strategic options and opportunities to maximize the potential of our young company." As previously disclosed, the company amended its debt agreements to permit an aggregate amount of USD 150.0 million of cash to be used for the July 13, 2017 payment of a USD 100.7 million extraordinary dividend and dividend equivalent and for the potential repurchase of company common stock at any time no later than December 31, 2017. The company's board of directors is considering creating a common stock buyback program with the remaining USD 49.3 million. The board's analysis will take into consideration any legal or contractual limitations, actual and anticipated future earnings, cash flow, debt service and capital requirements, tax considerations, the trading price of the company's common stock, and other factors that the board may deem relevant.
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