regent pacific sellings - source afr

Regent Pacific looks to offload BC Iron stake
SARAH THOMPSON AND ANTHONY MACDONALD

Macquarie Capital is offering 24 million shares in BC Iron – which represents 20.1 per cent of the junior iron ore miner – in a range between $3.40 and $3.50 a share on behalf of Hong Kong’s Regent Pacific.

Shareholders of Regent Pacific met on Wednesday to vote on the sale of the investment group’s stake in BC Iron, as flagged in December. Regent-appointee to the board Jamie Gibson has already stepped down from his position.

Regent said it would sell its BC Iron shares over a period of 12 months for no less than $3.20, but also requested permission to dispose of the holding through a block trade. Such a trade, to be managed at arm’s length, would be conducted at no less than a 7 per cent discount to the five-day trading period prior to sale. Word is Regent has already started talks with potential investors to dispose of the stake, on terms not yet disclosed.

Consolidated Minerals is BC Iron’s other big shareholder but there have long been questions over its future plans for its 23 per cent stakeholding.

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