Andrew Forrest may take 28% stake in Energy and Minerals Australia
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
Billionaire Andrew Forrest may take as much as 28 per cent of Energy and Minerals Australia, which is seeking to develop uranium deposits at Mulga Rock, 240 kilometres northeast of Kalgoorlie-Boulder.
Forrest Family Investments will buy 400 million Energy and Minerals Australia shares at 3 cents each, according to a statement. The $12m share sale will be accompanied by one unlisted option for each share at an exercise price of 5 cents and an expiry date of June 30, 2016.
When the securities are placed and converted, Forrest Family Investments will have a 28 per cent stake in the company.
“My investment is a strong vote of confidence in the executive team of Mike Young and Julian Tapp with whom I have had a long and successful working relationship,” Mr Forrest, who last week bought West Australian beef processor Harvey Beef in a deal worth more than $30 million, said in a statement.
Energy and Minerals Australia also said investment firms Acorn Capital and Element Resources Fund as well as Macquarie Bank have agreed to a debt-for equity-swap in which $24.5m of debt will be eliminated and converted into shares.
Macquarie will take a 21 per cent stake in Energy and Minerals Australia and Acorn will take a 23 per cent stake.
“Energy and Minerals Australia is now set up to move the Mulga Rock uranium project forward to meet uranium demand which is expected to grow,” the statement said.
Clayton Utz advised Forrest Family Investments and K&L Gates Group advised Energy and Minerals Australia.
(Reporting by brett.cole@businessspectator.com.au)
(Editing by miranda.maxwell@businessspectator.com.au)
Call 1300 880 160
Start a chat
Schedule a call
