Shemesian offloads Cape Lambert interest

One-time disgruntled Cape Lambert Iron Ore shareholder, Mick Shemesian, has sold his entire 11.5 per cent stake in the company earlier today.

In a brief statement, Cape Lambert noted the unusually high turnover of its shares this morning, where 50 million shares were traded at 35 cents each.

It said it had been advised the shares were sold by Mr Shemesian's company, Power United, and was bought by a number of institutions in the United Kingdom.

"The Company continues to promote and develop relationships with important stakeholders including institutions," Cape Lambert said.

Last year, Mr Shemesian was seeking the removal of some of Cape Lambert's directors, including chairman Tony Sage, following the company's decision to take a 30 per cent stake in an African iron ore project.

Mr Shemesian had argued that not enough time had been allocated for the due diligence aspect of the deal.

However the dispute was resolved before the matter was hear in court.

Shares in Cape Lambert were up 1.5 cents to 35.5c at 15:47 AEST.