SHAREHOLDER UPS STAKE IN DISCOVERY

Written on the 29 May 2014 by Laura Daquino

SHAREHOLDER UPS STAKE IN DISCOVERY TRANSAMINE Trading S.A. has become the largest shareholder in Discovery Metals (ASX: DML), increasing its stake by more than 12 per cent through a $2.8 million placement.

The South African raw metals trading company has evolved from the second largest shareholder in Brisbane-based copper exploration and production company DML with a 6.4 per cent stake to an 18.6 per cent primary holding in the company.

DML will also appoint a Transamine nominee to its board. 

DML chairman Jeremy Read says the announcement is a significant development in the company’s relationship with Transamine, following the establishment of a long term strategic alliance through a copper concentrate sales contract in 2010.

“Transamine is one of our most important strategic partners which we have a productive and value adding relationship with.

“I look forward to working with the Transamine nominee on the board as this will further strengthen our commercial relationship.”

Following the announcement, the company issued 84,005,163 fully paid ordinary shares at a placement price of $0.03 cents per share, an 8 per cent premium to its closing price yesterday.

Author: Laura Daquino Connect via: Twitter LinkedIn

Latest News

CROWN EMPLOYEES CONVICTED, JASON O'CONNOR TO SPEND 10 MONTHS IN JAIL

CROWN Resorts (ASX: CWN) employees who were arrested in October last year on suspicion of gambling offences have b...

QUICK TURNAROUND FOR $20 MILLION OFFICE IN MELBOURNE OUTER-EAST

AN office building in Melbourne's outer eastern suburb of Mount Waverley has sold for $20.5 million just two year...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

SHARE PRICE PLUNGE FOR RETIREMENT VILLAGE OPERATOR AHEAD OF FOUR CORNERS INVESTIGATION

A RETIREMENT village operator which has been accused of charging excessive fees through complex contracts has respond...

Related News

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

SHARE PRICE PLUNGE FOR RETIREMENT VILLAGE OPERATOR AHEAD OF FOUR CORNERS INVESTIGATION

A RETIREMENT village operator which has been accused of charging excessive fees through complex contracts has respond...

CHINESE TECH FIRM LOOKS TO AUSTRALIA FOR 'CUTTING EDGE' IDEAS

CHINESE ed-tech company Retech Technologies (ASX: RTE) has listed on the ASX after raising $17.9 million from its IPO...

COLLINS FOODS GOBBLES UP MORE AUSSIE KFC STORES

COLLINS Foods Limited (ASX: CKF) has purchased 28 KFC restaurants from Yum! Brands Inc for $110.2 million, adding fur...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter