30/11/2012 - 15:04

Focus investors back Shandong placement

30/11/2012 - 15:04

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Focus investors back Shandong placement

Focus Minerals shareholders have resoundingly backed a $227.5 million investment in the gold miner by China’s Shandong Gold.

Chairman Don Taig told the company’s annual meeting today that 82.4 per cent of Focus’ retail shareholders voted in support of the transaction.

The investment won the support of the Foreign Investment Review Board last month.

In return for the $227.5 million, Shandong will take a 51 per cent stake in Focus.

The transaction remains subject to Chinese regulatory approvals.

“When the board sat down with management at the start of the year in our strategic review, we could see that the best way forward for the company to leverage its assets and move ahead would be to secure a supportive cornerstone investor who could underpin our plans for growth,” Mr Taig said in his address.

“In Shandong Gold we have this.”

At close of trade today, Focus Minerals shares were down 3 per cent, trading at 3.3 cents. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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