30/10/2007 - 13:54

ConsMin mystery shareholders tracked to Cyprus

30/10/2007 - 13:54

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The mystery holder of 17.7 per cent of West Perth-based takeover target Consolidated Minerals Ltd has been tracked to Cyprus, via Ukraine and the Czech Republic, the company has announced.

ConsMin mystery shareholders tracked to Cyprus

The mystery holder of 17.7 per cent of West Perth-based takeover target Consolidated Minerals Ltd has been tracked to Cyprus, via Ukraine and the Czech Republic, the company has announced.

Held in the the name of ANZ Nominees Ltd, the stake consisted of 40.6 million shares and has been held by at least four different custodians in Australia and continental Europe.

ConsMin referred its query to the Australian Securities and Investments Commission after coming to a dead end, with the most recent tracing notice indicating the shareholding was held by Euroclear Bank for ING Bank in Prague.

The company announced today that ASIC had received a response from ING Bank N.V., Prague branch, saying that the bank provided custody services to its Ukranian customer Joint Stock Bank ING Bank, Ukraine.

The Ukraine Bank, in turn, acted as intermediary for Torbock Holdings Ltd, Wadless Holdings Ltd, Trekin Investments Ltd and Almanzar Holdings Ltd, each of which have registered addresses in Nicosia, Cyprus.

It also acted for Palmary Enterprises Ltd, though ConsMin said in an announcement that this interest had already been disclosed.

Both ConsMin and ASIC are in the process of issuing further tracing notices to each of the other holders.

 

 

The full text of a company announcement is pasted below

Consolidated Minerals Limited (ASX: CSM, AIM: CNM, FSE: CMN) refers to its announcement dated 24 October 2007 in which CSM advised that it had become aware of a holding of approximately 40.6 million ordinary shares in CSM (constituting a 17.7% interest in the total issued share capital of CSM) registered in the name of ANZ Nominees Limited.

Since the 24 October Announcement, CSM has continued to attempt to ascertain the identity (or identities) of the ultimate beneficial owner(s) of the 17.7% interest. As contemplated in its 24 October Announcement, CSM had also referred the matter to ASIC for further investigation and action.

CSM has today been advised by ASIC that ASIC has received a response from ING Bank N.V., Prague branch (ING Prague) to the beneficial tracing notice sent to it by ASIC on 25 October 2007. ASIC has been advised by ING Prague as follows:

- that ING Prague provides custody services to its customer Joint Stock Bank ING Bank, Ukraine (ING Bank Ukraine); and - that, as at 26 October 2007, ING Bank Ukraine was acting as an intermediary for the following investors:

NameNumber of Shares (settled position as of 26 October 2007)
Torbock Holdings Limited (Torbock)6,974,320
Wadless Holdings Limited (Wadless)10,676,932
Palmary Enterprises Limited * (Palmary)2,760,300
Trekin Investments Limited (Trekin)11,000,000
Almanzar Holdings Limited (Almanzar)6,852,126
Total38,263,678

* Based on the investigations that CSM has been able to undertake to date in the time available, it appears that the 2,760,300 interest of Palmary referred to above has been disclosed by Palmary to CSM pursuant to Palmary's substantial shareholder notice that it lodged with CSM on 18 October 2007.

ING Prague has not provided any information in respect of the remaining CSM ordinary shares comprising the 17.7%interest referred to above.

Based on the information provided by ING Prague, each of Torbock, Wadless, Trekin and Almanzar (collectively the Other Holders) have registered addresses in Nicosia, Cyprus. CSM is in the process of issuing further tracing notices to each of the Other Holders. CSM understands, based on discussions with ASIC, that ASIC will similarly be issuing tracing notices to the Other Holders.

As part of the communications to be sent by CSM to the Other Holders, CSM will be advising each of the Other Holders of the law in Australia in relation to the disclosure of substantial shareholdings in Australian listed companies.

CSM continues to reserve its right to pursue further action through the Takeovers Panel and/or the courts in relation to this matter.

CSM will keep the market informed of any further developments in relation to this matter.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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