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Alpha Natural Resources announces Planned Capital Streamlining

Coal News - Published on Wed, 27 Dec 2017

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ANR, Inc and Alpha Natural Resources Holdings, Inc announced that the Board of each company has approved, in principle, a proposed transaction to streamline the company's capital structure by a reclassification pursuant to which outstanding shares of the existing classes and series of stock would be exchanged for new shares at different exchange ratios. In addition, Alpha has reached preliminary agreement with several large stockholders regarding their support for the proposed streamlining transactions.

If approved by the stockholders, Holdings will have a single trading class of common stock, compared to its current capital structure of common stock and two series of preferred stock, all of which trade, and ANR will have two classes of common stock (one of which would trade), compared to its current capital structure of three classes of common stock, one of which trades, and two series of preferred stock, both of which trade.

Alpha CEO Mr David Stetson said, "We have heard from our stockholders that the existing structure, with multiple stock classes and distribution rights, makes Alpha more difficult for the market to understand. The proposed streamlining transaction will bring clarity to the markets, help unlock value for our stockholders, and position Alpha for its next phase of development by reducing the number of stock classes and eliminating complexities with respect to corporate governance and economic rights for these numerous stock classes."

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Posted By : Nanda Koijam on Wed, 27 Dec 2017
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