Golden Energy raises Stanmore Coal stake in A$9.7m deal

MAINBOARD-LISTED Golden Energy and Resources (Gear) has increased its shareholding in Australia-listed Stanmore Coal to 28.42 per cent from 25.85 per cent previously, it announced after market close on Wednesday.

Gear subsidiary Golden Investments (Australia) had on Aug 19 purchased 6.6 million shares in Stanmore Coal, representing about 2.58 per cent of its share capital, in an off-market block transaction.

The aggregate consideration of A$9.7 million (S$9.1 million) was arrived at on a willing buyer willing seller basis, to be satisfied in cash and funded by Gear's internal resources.

An earlier takeover offer by Gear, at A$0.95 a share, ended in January with Gear having increased its stake to 25.5 per cent, up from the 19.9 per cent bought from Hong Kong's Greatgroup Investments in November 2018.

Gear shares closed down 0.1 Singapore cent or 0.53 per cent at 18.9 Singapore cents ex-dividend on Wednesday before the announcement.