Taurus bids for coal producer

TAURUS Resources Fund No 2 has made a takeover offer for the remaining 15% of Realm Resources it does not already own in a bid to free up liquidity of the stock.
Taurus bids for coal producer Taurus bids for coal producer Taurus bids for coal producer Taurus bids for coal producer Taurus bids for coal producer

Lau Caruana

The A$1.5 billion funds manager, which specialises in early stage investments in small cap mining companies and financings, said it was offering 90c a share for Realm, which has the Foxleigh open cut coal mine in Queensland as its major asset.

Realm shares have been suspended since July and needed to raise capital to satisfy a 20% free float condition.

“In light of the suspension and current assessment of Realm, the bidder intends to make the offer in order to give shareholders an alternative, guaranteed liquidity option to exit their investment in Realm,” Taurus said.

Realm produced 1.1 million tonnes of run-of-mine coal in the December quarter from Foxleigh. That was up 21% on the September quarter.

Former BHP Billiton production vice-president Michael Rosengren was appointed managing director of Realm Resources in December last year, replacing Glen Lewis who resigned for health reasons. 

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