Fogarty takes stake in Stokes' IOHPeter Klinger, The West...

Fogarty takes stake in Stokes' IOH

Peter Klinger, The West AustralianNovember 6, 2013, 6:49 am

Low-profile millionaire entrepreneur Brett Fogarty has quietly amassed a substantial stake in Kerry Stokes' Iron Ore Holdings.

IOH disclosed yesterday that Mr Fogarty's 3rd Wave Investors controlled just over eight million shares, for a 5 per cent stake in the Pilbara iron ore hopeful.

Neither 3rd Wave nor IOH would comment.

It is understood Mr Fogarty acquired the IOH stake gradually over the past 12 months.

At yesterday's 90 cents share-price close, Mr Fogarty's IOH stake is worth $7.2 million.

Mr Stokes, the chairman of Seven West Media which publishes The West Australian, controls 52.7 per cent of IOH. He is not the only billionaire on IOH's register, with the company's annual report last week disclosing Stan Perron held a 1.1 per cent stake.

Mr Fogarty has largely disappeared from public corporate life. His last substantial public outing was selling out of his then-flagship stock, GRD, in 2007, a year after handing over the chairmanship to IOH's current chairman, Richard Court. Among the buyers of Mr Fogarty's GRD stake was Mr Stokes.

Under the leadership of managing director Alwyn Vorster, IOH has forged ahead with a string of deals to off-load small, non-core Pilbara iron ore deposits while focusing on developing the $800 million Buckland venture.

http://au.news.yahoo.com/thewest/business/a/-/wa/19697635/fogarty-takes-stake-in-stokes-ioh/