Golden Energy’s proposed break-up, delisting looking more miserly after Stanmore’s big run

WHEN the break-up and delisting of Golden Energy and Resources (Gear) was announced in November, some analysts said the company’s minority shareholders were getting a raw deal.

With the steep rise in the Australia-listed shares of metallurgical coal producer Stanmore Resources – in which Gear holds a 64 per cent stake – the terms of the whole corporate exercise now look even more miserly.

There are two elements to the proposed deal. Gear will first do a distribution in-specie of its 62.5 per cent stake in Indonesia-listed thermal coal producer Golden Energy Mines (Gems).