17/07/2014 - 15:46

Swan Gold completes share consolidation

17/07/2014 - 15:46

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Perth-based Swan Gold Mining has completed a one-for-10 share consolidation as part of a restructuring of the company that it proposes including a capital raising of up to $20 million and debt to equity conversion of more than $29 million.

Swan Gold completes share consolidation
Swan Gold Mining executive chairman Michael Fotios.

Perth-based Swan Gold Mining has completed a one-for-10 share consolidation as part of a company restructure under which it proposes a capital raising of up to $20 million and debt-to-equity conversion of more than $29 million.

Some big names are associated with Swan Gold. It is headed by executive chairman Michael Fotios, who currently represents around 44 per cent of the equity and who has attracted known corporate identities such as John Poynton, Craig Readhead and Wayne Zekulich to the board.

Alongside Mr Fotios, major shareholder, ASX-listed company Stirling Resources, has a 9.4 per cent interest in Swan Gold. Other interests include: private company MGMC, which has insolvency expert Bryan Hughes as its sole director (8 per cent interest); the Botsis family (2.2 per cent stake); ASX-listed Mineral Resources; and Mr Poynton.

The struggling miner failed to complete a $15 million capital raising in July last year, after the Australian Securities and Investments Commission refused its requests to extend the closing date for the share placement – for a third time.

Last month it highlighted a potential post-transaction register that had the Wyllie Group at 6 per cent and new shareholders from a the capital raising at more than 29 per cent.

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