Billionaire Andrew Forrest complicated BHP and IGO’s attempts to acquire nickel miners, and now Andrew Forrest has put himself between Newcrest and its most logical takeover target
Billionaire Andrew Forrest has inserted himself into another potential takeover stoush by becoming the biggest shareholder in the explorer that is being closely watched by Australia’s biggest gold miner Newcrest Mining.
The Wyloo investment was the highlight of a $340 million injection of funds for Greatland and came as former Fortescue chief Elizabeth Gaines, Reserve Bank director Mark Barnaba and former BHP executive Jimmy Wilson, joined Greatland’s board. Wyloo agreed to pay 8.2 pence for each Greatland share; the stock was below that level for the entire period between August 30 and September 8.
Wyloo’s spend on Greatland may yet rise to $120 million after it received warrants granting it the option to buy more shares for 10 pence each if certain milestones are achieved.The Wyloo investment coincided with Greatland securing a $220 million loan from ANZ, ING and HSBC on a seven-year term. “Completing the debt facilities and Wyloo investment will enable Greatland to be fully funded for its share of costs in developing the Havieron project into first production and potential free cash flow,” he said.
Wyloo was also a stone in the shoe of IGO over the past year as it sought to acquire nickel miner Western Areas.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Queen's coffin greeted by Andrew, Edward, Anne in EdinburghSenior members of the Royal Family gathered in Edinburgh as the Queen’s coffin arrives in the Scottish capital to thousands of adoring mourners.
Read more »
Queen's corgis to live with Prince Andrew, Sarah FergusonQueen Elizabeth II&x27;s corgis will live with the Duke and Duchess of York, Andrew and Sarah, a source close to the Duke of York told CNN on Sunday.
Read more »
The Queen's corgis to be looked after by Prince Andrew and Duchess of YorkPrince Andrew and his ex-wife will look after Queen Elizabeth's corgis following her death, a spokeswoman said. Read more:
Read more »
Prince Andrew and Sarah Ferguson will adopt Queen's beloved corgisPrince Andrew and his ex-wife Sarah Ferguson will adopt Queen Elizabeth II's beloved corgis Sandy and Muick, giving them a new home at the Royal Lodge in Windsor.
Read more »
Prince Andrew to play key role in mourning periodThe Duke of York will today join his siblings in a solemn procession behind Queen Elizabeth II’s coffin as he prepares to play a central role in national mourning.
Read more »