Bens Creek has confirmed that its majority shareholder, MBU Capital, is in talks to sell a significant portion of its 53.7% stake, following the recent increase in share price.
An unnamed international commodity trading company is set to purchase a 29.9% stake in the coal miner at a rate of 18p per share, according to the statement released by Bens Creek.
The company stated that it is not aware of any commercial or operational reasons behind the recent share price movement, and it is not involved in the proposed transaction.
The Company understands that the parties remain in negotiations on the terms of the transaction and there can be no guarantee that the transaction between the two parties will conclude nor can there be any certainty on the final terms of any transaction. Bens Creek is not a party to the proposed transaction.
Bens Creek, an AIM-listed company, operates a metallurgical coal mine located in West Virginia. Yesterday, the shares rose from 16.8p at the opening to 19p.
