Shares in West Perth-based Poseidon Nickel were down as much as 10 per cent amid notice that Andrew Forrest’s Tattarang had ceased to be substantial shareholder.
The 'ceasing to be a substantial holder' notice posted to the market this morning outlined the magnate had offloaded about 158.3 million shares in the company between January 13 and January 20.
The on-market sale of the shares was worth some $17.6 million.
Tattarang has lightened its holding in the nickel miner gradually throughout the year to date.
Between September 2021 and January 2022, it sold around 59.8 million POS shares for about $6.2 million and 19.2 million shares valued at $1.5 million prior to that, between January and July 2021.
Based on recent market notices, the sell downs still leave Mr Forrest with an approximate shareholding of just over 148 million shares in the company.
He had previously been Poseidon’s largest shareholder as at September 2021 with about 357.3 million shares and an 11.6 per cent interest, according to the company’s most recent annual report.
Poseidon Nickel owns the Windarra, Lake Johnston and Black Swan projects in Western Australia’s Goldfields. Black Swan is undergoing restart works ahead of a final investment decision in July this year.
The mine and processing plant was placed on care and maintenance in 2009, following a period of low nickel prices.
Poseidon raised $25 million in August 2021 to raise funds for the restart and continue exploration at its other projects.
Poseidon shares are down 8.57 per cent and trading at 9.6 cents.