15/08/2008 - 13:35

$7m buying spree in Western Areas

15/08/2008 - 13:35

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Companies with an indirect interest to Western Areas NL chairman Terry Streeter have spent nearly $7 million buying shares in the miner over the past two days.

Companies with an indirect interest to Western Areas NL chairman Terry Streeter have spent nearly $7 million buying shares in the miner over the past two days.

In a notice to the market, Jungle Creek Gold Mines Pty Ltd and Velsberry Pty Ltd have spent a combined $6.58 million purchasing 875,000 ordinary shares on the market.

Shares in the Western Areas last traded at $7.91 at 15:30 EAST, down 1 cent.

Jungle Creek now holds 32.5 million ordinary shares in the company while Velsberry has 315,000 shares.

The company has nearly 168 million shares on issue.

Mr Streeter is awaiting a Supreme Court decision in his long battle with a group of businessmen behind unrelated company Western Areas Exploration.

Late last month, Mr Streeter made an application for Western Areas Explroation to provide security of costs ahead of trial, anticipated for later this year.

Western Areas Exploration is seeking a portion of the profits made by Mr Streeter and non-executive director David Cooper after both were allegedly presented with a potential nickel opportunity by three geologists.

Western Areas Exploration claims that Mr Streeter and Mr Cooper, who were both on WAE's board, pursued the nickel prospect to float Western Areas NL.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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