06/11/2007 - 15:27

ConsMin finds Ukranian brokers own part of mystery stake

06/11/2007 - 15:27

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Takeover target Consolidated Minerals Ltd's search for the mystery owners of 17.7 per cent of their issued capital advanced today, with the company identifying the owners of a 5.7 per cent stake as Ukranian investors unrelated to Palmary Enterprises.

Takeover target Consolidated Minerals Ltd's search for the mystery owners of 17.7 per cent of their issued capital advanced today, with the company identifying the owners of a 5.7 per cent stake as Ukranian investors unrelated to Palmary Enterprises.

The investors are also holding stakes of less than five per cent on behalf of three other, as yet unidentified, parties through nominee holders.

Those parties appear to have been operating independently of each other, and so far there was no evidence to suggest that the parties were associates, ConsMin said.

ConsMin has issued further tracing notices to the other three parties to confirm whether they are the beneficial holders of their respective interests or whether they are holding the shares for someone else.

ConsMin says that as far as it is aware the brokers are not holding the shares for Palmary Enterprises Ltd, its founder and owner, Ukrainian billionaire Gennadiy Bogolyubov, or anyone associated with either of these parties.

ConsMin says it is now of the view that there is no need to take action, but has reserved the right to do so in light of the outcome of its continuing enquiries and those of the Australian Securities and Investments Commission.

Some observers of the long-running ConsMin takeover battle say it will be a big coincidence if the various Ukrainian shareholders are not linked in some way.

Shares in ConsMin closed two cents higher at $4.87.


 

The full text of a company announcement is pasted below

Consolidated Minerals Limited (ASX: CSM, AIM: CNM, FSE: CMN) refers to its announcements dated 30 October 2007 and 1 November 2007 respectively in which CSM updated the market on the status of its investigations (and those of ASIC) in relation to the identity (or identities) of the ultimate beneficial owner(s) of the 17.7 % interest in CSM.

Since its 1 November announcement, CSM and ASIC have, through the issue of further tracing notices and other investigations, identified to CSM's satisfaction that:

  • A 5.7% interest in CSM is being held beneficially by certain Ukrainian based stockbrokers (Brokers) namely Concorde Capital (which is holding a 2.3% interest), On-Line Capital (which is holding a 2.6% interest) and Comex-Brok (which is holding a 0.8% interest). These interests are being held by these Brokers beneficially on a proprietary basis and not on behalf of third parties;
  • Based on the information available to CSM, these Brokers appear to have been operating independently of each other in respect of the above beneficial proprietary interests and there is no evidence to suggest that they are associates of each other for the purposes of the Corporations Act; and
  • The Brokers are also holding interests in CSM on behalf of three other parties, through nominee holders. Each of these interests, based on information to date, appears to comprise less than 5% of CSM's total issued share capital. CSM has issued further tracing notices to these parties in order to confirm whether they are the beneficial holders of their respective interests or whether they are holding the CSM shares on behalf of further third parties.

Based on CSM's investigations to date there is no evidence to suggest:

  • That any of the Brokers hold any CSM shares for either of Palmary or Mr Gennadiy Bogolyubov or any interests associated with either of these parties; or
  • That there has been conduct by any party to warrant CSM taking action (whether in the Takeovers Panel or otherwise).

CSM will keep the market informed as and when it receives information relating to the further tracing notices referred to above. CSM reserves its right to take whatever action it considers appropriate in light of the outcome of its further enquiries (and those of ASIC) and the receipt of responses to these tracing notices.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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