"Opes crash hits seven WA miners 31-March-08 by Mark Pownall and Rebecca Lawson
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Opes crash hits seven WA miners - 31 Mar, 16:04pm Oz Brewing confirms move into sheds - 31 Mar, 15:39pm Rates tipped to stay on hold tomorrow - 31 Mar, 15:30pm Perilya MD Len Jubber resigns ahead of CBH merger - 31 Mar, 15:24pm Aust stocks close higher after choppy day - 31 Mar, 15:21pm Aust dollar ends lower on weak credit data - 31 Mar, 15:19pm New skills program for WA oil and gas industry - 31 Mar, 15:15pm Weaker demand for credit shows rate hikes biting - 31 Mar, 15:09pm Minara approves $300m nickel expansion - 31 Mar, 15:04pm WA illustrates new possibility for native wood crops - 31 Mar, 14:18pm
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The collapse of stockbroker Opes Prime has ensnared shareholders in at least seven WA resources companies, including high profile mining identity Nathan MacMahon and the biggest stakeholder in Gindalbie Metals Ltd.
Gindalbie, Blackham Resources Ltd, Conquest Mining Ltd, Bannerman Resources Ltd, Catalyst Metals Ltd Red Fork Energy Ltd and Hodges Resources Ltd all called trading halts in relation to shareholders who had equity finance contracts with Opes Prime.
Another company, Sydney-based Ord River Resources Ltd, said its shareholder Mandolin Pty Ltd, which is associated with the Towner family, had advised it of margin lending arrangements with Opes.
Gindalbie told the market it was attempting to clarify a situation where its biggest shareholder Malewar had a portion of its 14.5 per cent stake subject to an equity finance contract with Opens Prime Stockbroking Ltd.
It was understood that almost half of Malewar's 74 million share stake could be subject to the contract.
Gindalbie shares were steady at 71 cents before the trading halt was called. It was understood the company was seeking a buyer or buyers for the parcel of shares, thought to be around 35 million, rather than seeing the stock dumped on the market."
IMHO the opes prime situation with GWR is far smaller than the others and it is highly likely that the 3million XT was a sell from the unfortunate holder. It wouldn't surprise me if FAS had organised to purchase them.. We will see...
GWR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
