https://www.engineeringnews.co.za

Sovereign sells stake in Mount Andrah

Sovereign sells stake in Mount Andrah

Photo by Bloomberg

30th June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed Sovereign Gold on Monday announced that it had sold a 17.2% shareholding in its Mount Andrah Gold subsidiary to shareholder Hudson Resources.

Hudson acquired some ten-million shares and ten-million options in Mount Andrah from AceA Resources for $2-million. The subsidiary has 58-million shares on issue, giving it a A$11.6-million value, based on the acquisition price of 20 a share.

Hudson, furthermore, holds 40-million shares in Sovereign Gold, representing a 25.5% shareholding.

“We are very encouraged by this display of confidence by Hudson, which have maintained their position in Sovereign Gold since its initial public offering (IPO) back in 2011,” said Sovereign Gold CEO Michael Leu.

Earlier this month, Sovereign Gold canned a planned IPO for Mount Andrah Gold without revealing a reason for its decision.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sika South Africa
Sika South Africa

Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.054 1.114s - 140pq - 2rq
Subscribe Now