10/03/2009 - 13:13

Talbot to lift Sundance Resources stake

10/03/2009 - 13:13

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Coal baron Ken Talbot will increase his holding in Sundance Resources to 22 per cent after purchasing $5 million worth of shares in the iron ore explorer.

Talbot to lift Sundance Resources stake

Coal baron Ken Talbot will increase his holding in Sundance Resources to 22 per cent after purchasing $5 million worth of shares in the iron ore explorer.

Mr Talbot's investment vehicle, Talbot Group Investments Pty Ltd, is the company's largest shareholder with a 19.74 per cent stake. It has agreed to purchase a further 62.5 million shares at eight cents each.

Mr Talbot is a non-executive director of the company and the founder of Queensland coal producer Macarthur Coal.

Sundance will offer a share purchase plan to other shareholders, with financial services firm BBY agreeing to underwrite $5 million of the offer.

The company said the funds would be used to strengthen its financial position and underpin the continued development of its majority-owned Mbalam iron ore project in central west Africa.






 

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