Gear and JV partner bag 25.5% share in Stanmore

Singapore

A FRAUGHT takeover at Stanmore Coal has ended, leaving mainboard-listed Golden Energy and Resources (Gear) with a higher stake - but not, by any stretch of the imagination, a majority position - in the Australian coker.

Bid vehicle Golden Investments (Australia), a joint venture between Gear and Ascend Global Investment Fund, had a 25.5 per cent interest at the close of the buy-out offer on Tuesday. This is up from the 19.9 per cent that it bought from Hong Kong's Greatgroup Investments last November.