16/02/2010 - 15:19

McMahon on Midwinter share register

16/02/2010 - 15:19

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Nathan McMahon has emerged as a major shareholder of Leederville-based Midwinter Resources, which shares offices with his company Cazaly Resources.

McMahon on Midwinter share register

Nathan McMahon has emerged as a major shareholder of Leederville-based Midwinter Resources, which shares offices with his company Cazaly Resources.

In a notice to the Australian Securities Exchange last week, Mr McMahon advised that he had become a substantial shareholder with a 7.69 per cent interest.

Last week, Mr McMahon spent $47,797 buying two parcels of shares, adding to his shareholding of 1.92 million full paid shares and 1.5 million partly paid shares.

Mr McMahon told WA Business News the interest in Midwinter was "just an investment" and he had no association with British Virgin Islands company, Skala, which has launched a proportional takeover offer for the junior explorer at 12 cents per share.

Mr McMahon's shareholder interest follows the removal by shareholder vote of former chairman Jonathan O'Callaghan earlier this month.

The requisition for the shareholders meeting followed a split between Mr O'Callaghan and other directors, including new chairman Bryan Dixon, over plans to acquire a Russian coal mine.

The board elected not to proceed with the acquisition, prompting Skala to launch the offer and Mr O'Callaghan to disclose he had a material interest in the company going ahead with Russian mine.

Midwinter's board has recommended shareholders reject Skala's takeover offer.

 

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