Tinkler exits Whitehaven, Farallon now biggest shareholder
PERTH (miningweekly.com) – Struggling mining personality Nathan Tinkler has sold nearly 10% of his interest in Whitehaven Coal to a US investment firm for A$300-million, with Farallon Capital Management now the coal mining company’s biggest shareholder.
Farallon acquired more than 101.5-million shares in Whitehaven Coal, representing some 9.91% of the issued share capital, at A$2.96 a share.
The investment group also agreed to purchase a further 1.63% interest in the company from ASM Equities Fund, subject to Foreign Investment Review Board approval. The share purchase was set to complement Farallon’s current 5.09% shareholding in Whitehaven, making it the company’s largest shareholder.
“Whitehaven has a strong existing relationship with Farallon and we welcome its further investment in our business,” said Whitehaven MD Paul Flynn.
It has been reported that the balance of Tinkler’s 19% shareholding in Whitehaven would be sold to other investors.
Tinkler, who is struggling to repay debts, said in a statement that the decision to sell his stake in Whitehaven had been a difficult one, and that he had an emotional attachment to the company’s assets, particularly the Maules Creek mine.
“Whitehaven's asset base, consisting of low strip ratio, high-yield and premium-quality coal, provides for a strong future and we wish the current shareholders well in extracting this potential value from the assets,” the statement read.
Last year, Tinkler made a A$5.25-billion bid for Whitehaven Coal, which he later abandoned as coal prices dropped.
Whitehaven’s shares were trading at a high of A$2.31 on Wednesday, up 4.27% from its opening trading price.
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