Alpha Stockholders Approve Merger With Contura Energy Transaction Expected to Close on November 9, 2018
If you purchased securities of Contura please visit the firm’s website at Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. If you purchased securities of Contura please visit the firm’s website at Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. The 2018 merger turned Contura into the largest metallurgical coal producer in … Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. In November 2018, Contura merged with Alpha Natural Resources Holdings, Inc. and ANR, Inc. (the “Merger”). Once merged, the company would be the largest met coal supplier in the US with 12.6 million st of sales in 2017 and 1 billion st in met coal reserves. Forward-looking statements in this communication or elsewhere speak only as of the date made. The AP news staff was not involved in its creation.Press release content. Reporting by Tom Hals in Wilmington, Delaware; Editing by David GregorioA view of the Eagle Butte Mine, operated by Alpha Natural Resources, as seen from a public access overlook platform near Gillette, Wyoming, U.S. May 31, 2016. We are excited to complete the merger and join together these two strong companies in the very near future," said Approximately 99.9% of all votes cast by ANR stockholders and approximately 99.9% of all votes cast by Holdings stockholders voted in favor of the Proposed Transaction, representing approximately 87.6% and 77.5% of the outstanding voting power of ANR and Holdings, respectively, in each case as of "This overwhelming approval by Alpha's voting stockholders clearly recognizes the significant value potential that the proposed transaction holds for all stakeholders of the combined company," said Under the terms of the amended and restated agreement, Alpha stockholders will receive 0.4417 Contura common shares for each ANR, Inc. Class C-1 share and each share of common stock of Alpha Natural Resources Holdings, Inc. they own, representing approximately 48.5% ownership in the merged entity. The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger was completed during the three months ended June 30, 2019. Prior results do not guarantee a similar outcome. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. The merger brings two companies that split during the settlement of Alpha’s 2015 bankruptcy back together. In December 2017, Contura sold several of its mines and other assets to Blackjewel L.L.C. A Contura Energy and Alpha Natural Resources Announce Amended and Restated Merger Agreement. Contura’s stock price has plummeted since the Merger. Alpha’s current chairman and CEO, David Stetson, will join the board of the combined company. (4) The combination will produce cost savings of up to $50 million per year, according to a statement. Phillip Kim, Esq. REUTERS/Kristina Barker Contura owned mines in Wyoming that produced more thermal coal, while Alpha owned mines centered in Appalachia. On April 30, Bristol, Tennessee-based Contura and Kingsport, Tennessee-based Alpha jointly announced they would merge, with the combined company slated to continue under the Contura name. The companies previously split during bankruptcy in 2015. According to the registration statement issued in connection with the Merger, Contura disclosed that it had agreed to backstop certain of Blackjewel’s bonding obligations to facilitate the permit transfer for the mines and that Blackjewel would enter into financing by June 30, 2019 sufficient to release Contura from such obligations. New uncertainties and risks arise from time to time, and it is impossible for Contura or Alpha to predict these events or how they may affect Contura or Alpha.
Uncertainties and risk factors that could affect Contura's and/or Alpha's future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: (a) any substantial or extended decline in coal pricing, demand and other factors beyond the parties' control; (b) hazards and operating risks associated with coal mining and the dependence of coal mining upon many factors and conditions beyond the parties' control; (c) significant competition, as well as changes in foreign markets or economics; (d) the impact of current or future environmental, health and safety, transportation, labor and other laws and regulations on the parties; (e) the parties' ability to consummate the transaction or satisfy the conditions to the completion of the transaction; (f) the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction; (g) the possibility that any of the anticipated benefits of the proposed transaction will not be realized or will not be realized within the expected time period; (h) the risk that integration of Alpha's operations with those of Contura will be materially delayed or will be more costly or difficult than expected; (i) the failure of the proposed transaction to close for any other reason; (j) the effect of the announcement of the transaction on customer relationships and operating results (including, without limitation, difficulties in maintaining relationships with employees or customers); (k) dilution caused by Contura's issuance of additional shares of its common stock in connection with the transaction; (l) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; and (m) the diversion of management time on transaction related issues.Copyright © 2020 PR Newswire Association LLC.
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