29th Sep 2005 09:09
Cambrian Mining PLC29 September 2005 Cambrian Mining Plc Sale of 4.3 million shares in Asia Energy Plc Cambrian Mining Plc ("Cambrian") advises that it has sold 4.3 million shares inAsia Energy Plc ("Asia Energy") at 640p per share in cash to financialinstitutions that have been long-standing supporters of Asia Energy and itsplans to bring the massive 572 million tonne Phulbari coal deposit in Bangladeshinto production. As a result of the sale, Cambrian will book a pre-tax profit of approximately£27 million, equivalent to about 30p per Cambrian share. The proceeds of thissale will be used to support its broader coal, iron ore, nickel, gold and otherinvestments. Cambrian has given an undertaking to W.H. Ireland, who acted for Cambrian in thetransaction, that it will not sell any further Asia Energy shares before 30June, 2006. Cambrian retains 4,515,000 shares, or 11.3% of Asia Energy's capital, and has a$US1 a tonne royalty on future coal production from Asia Energy's Phulbarideposit. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
GCM Resources