The Hong-Kong based Noble, which is listed in Singapore, and which hold sales agency agreements with ConsMin, sold the interest on-market at $3.90 per share.
ConsMin managing director Michael Kiernan told MiningNews.net that Noble did not plan to reduce its stake any further, and that the sale would not have any impact on any existing agreements or relationships between the two companies.
“Those marketing agreements are set in stone and a shareholder opting to make a profit is its own right and privilege … but certainly it is not going to affect our marketing into China at all,” he said.
“Simply there has been some very strong appetite in Australia [from] institutions, particularly since the Western Mining sale - we made a placement to AMP and Perpetual – and there was still strong appetite for additional stock in ConsMin. And Noble, wishing to divest themselves of half their stock, took a profit and aided the liquidity of our stock into the marketplace.
“Some existing institutions took more stock and some other institutions came onto the register so we were well aware that this was going to transact, obviously as our major shareholder they [Noble] keep us fully informed.”
Kiernan added that the CEO of Noble Richard Elman was also director of ConsMin and would remain so.
“It is good news, it is fine. It is business as usual,” he said.
ConsMin recently reported a record full-year profit of $70.3 million and declared a 12c fully franked dividend.
Shares in ConsMin were trading up 2c (0.5%) in morning trade at $4.02.
