22 Apr 2009

$41 million rights issue fully subscribed

5:12 am on 22 April 2009

A $41 million rights issue by Pike River Coal has closed fully subscribed.

The company says more than two-thirds of its 7800 shareholders took up their entitlements to new shares.

Almost 3000 shareholders applied for a further 12 million shares in excess of their entitlements.

The company says the capital raising's success is an outstanding result given the status of equity markets.

It expects to increase coal production in October.