continental coal ceo turvey buys shares

Continental Coal CEO Turvey buys shares

11:23 am by Sergei Balashov

Chief executive of Continental Coal Don Turvey has acquired 538,000 shares in the company worth A$49,840

Continental Coal (LON:COOL, ASX:CCC) announced today that chief executive Don Turvey has acquired an interest in the company. Turvey, who previously did not own shares in Continental Coal, has bought 538,000 shares worth a total A$49,840, or 9.26 Australian cents per share, giving him a 0.123 percent stake in the group.

Shares in the group rose 4.5 percent to 6.13 pence by 11:10am, valuing the group at £26.4 million.

Continental has thermal coal mining, development and exploration projects in South Africa.

In addition, the company has recently entered into an exclusive option to acquire a 50 percent joint venture interest in a producing hard coking coal mine in Colombia to diversify its operations and enter the higher marking coking coal market.

This means the potential for near to medium term cash flow from the already producing operation if Continental chooses to exercise the option.

Sales of hard coking coal are made at mine gate with current margins of around 75%. Sales directly to the export market are planned for 2013.
The potential cost of this acquisition is approx. US$15 million.

http://www.proactiveinvestors.co.uk/companies/news/44931/continental-coal-ceo-turvey-buys-shares-44931.html