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

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

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