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Timpetra sells Saracen stake for A$16m

8th January 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Timpetra Resources has sold its shareholding in Australian gold miner Saracen Mineral Holdings for some A$10-million in profit.

Timpetra this week told shareholders that it had sold all its 35.45-million shares in Saracen for a total of A$16.1-million, at an average price of 45.43c a share.

The company originally acquired its shares for a total of A$6.45-million, or an average price of 18.21c a share.

Timpetra’s sale of its holding in Saracen formed part of the company’s efforts to returning value to shareholders. A capital return of up to 2.3c a share and a dividend of up to 0.7c a share would be paid to shareholders, likely by March this year.

Edited by Creamer Media Reporter

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