25/03/2009 - 22:00

Streeter, Crabb in further sell-downs

25/03/2009 - 22:00

Bookmark

Save articles for future reference.

MINING entrepreneur Terry Streeter has continued his aggressive sell down in Western Areas during a busy week involving a takeover and court action.

Streeter, Crabb in further sell-downs

MINING entrepreneur Terry Streeter has continued his aggressive sell down in Western Areas during a busy week involving a takeover and court action.

This week Mr Streeter, who chairs Western Areas, pocketed $7.1 million through the sale of more than 2 million shares at an average price of $3.36 each.

Mr Streeter is no stranger to major share sales or purchases, having sold nearly $2 million worth of Western Areas shares in December last year, about four months after a $7 million buying spree.

A spokesperson for Mr Streeter told WA Business News the chairman does not comment on his share dealings.

However, Mr Streeter was able to comment on an 18-day trial between himself and his former, unrelated company Western Areas Exploration (WAE) that started this week.

WAE has claimed in the Supreme Court that Mr Streeter and colleague David Cooper had used a moneymaking nickel opportunity presented to WAE to underpin the listing of Western Areas, which was floated in 2000.

Mr Streeter and Mr Cooper, the latter a director at Western Areas, were both on the WAE board at the time.

"I find it extraordinary that a group of individuals have taken more than six and a half years to bring this on - it is highly opportunistic and you have to question the motives and the timing," Mr Streeter said.

"The resources sector is inherently risky and individuals like to be opportunistic and you turn this risk into success."

Meantime, another of Mr Streeter's companies, Fox Resources, has indicated it will launch an all-scrip takeover bid for junior Hannans Reward, valued at about $6 million.

Fox is looking to kick start its share price after falling from highs of nearly $11.50 in late 2006.

Shares in Fox have recently been languishing at around 15 cents on the back of a number of factors including a sharply lower nickel price that prompted the suspension of operations at the Radio Hill nickel mine.

Mr Streeter has previously said the merger of both companies would bring together complementary nickel and iron ore assets.

Both companies are currently exploring for iron ore in the Pilbara, while Hannans' Forrestania nickel project is located north of Western Area's Flying Fox nickel mine.

Shares in Hannans have been trading at around nine cents since the takeover announcement.

PALADIN ENERGY

TWO weeks after selling $1.4 million of Paladin Energy shares, chairman Rick Crabb has again sold down his stake in the uranium miner, this time pocketing nearly $1.6 million.

The sale follows an announcement by Otto Energy, a company Mr Crabb chairs, where the oil and gas explorer said its directors had provided a $1.53 million loan. Otto plans to repay the loan after the completion of a $35 million capital raising.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options