Opes Prime saga ends for TNG

Explorer TNG Ltd can close its chapter on the Opes Prime saga after receivers of the collapsed stockbroker finalised the sale of nearly 17 million shares.

In a statement the company said the completion of the sale brings to an end a very destabilising period for the company.

TNG is currently locked in a legal stoush with the Commonwealth government over claims by the latter that it is entitled to $2.1 million of shares and interest of Kanowna Lights NL shares held by TNG.

TNG announced yesterday the matter had been adjourned until late August.

Below is the full announcement:

TNG advises that according to share trading records received from its Share Registry, the Opes Prime Receivers have completed the sale of 16,587,937 shares.

TNG announced on April 4, 2008 that the Receiver/Manager of Opes Prime had advised the Company that 16,587,937 shares were the subject of agreements between Opes Prime and its clients.

On April 7, 2008 ANZ announced its substantial shareholding in TNG and further advised it had commenced a share disposal program.

On May 26, 2008 ANZ announced it had ceased to be a substantial shareholder of TNG.

ANZ continued to be an aggressive seller of TNG shares during June culminating in the sale of approximately 3.9 million shares in one day on June 27, 2008.

The completion of selling by ANZ brings to an end a very destabilising period for the Company.