Stephen Dattels appears on Kalahari Minerals register through Regent Pacific Group by Proactiveinvestors
Hong Kong mining investment house, Regent Pacific Group (HK0575) was confirmed as a significant shareholder in Kalahari Minerals (AIM: KAH) today. On first instance, it is not entirely clear why an Asian focused group has built up a 3.52% equity stake in Kalahari Minerals.
Regent Pacific initially invested £4 million (4 million shares at 100 pence per share) through a recent placing completed by Kalahari Minerals, and it was announced today that it had acquired just over 3 million additional shares.
Regent Pacific Group is a diversified mining group focused on the Asian Pacific region. Its principal assets are located in Yunnan Province, Inner Mongolia and Xinjiang Province, China.
Among the group’s investments is a 40% stake in a copper-zinc-lead-gold-silver volcanic massive sulphide (VMS) mine, a 97.5% stake in a Yinzishan Mine and a “majority interest” in an opencut thermal coal project. The company also had a 25% stake in West China Coke and 100% of the Zhun Dong underground coal project.
Regent’s investments do not stop there however. According to the company’s website, it also holds a 49.99% stake in BetonMarkets, a fixed odd betting business, and a 4.64% stake in Red Dragon Resource Corp (TSX-V: DRA) a Canadian listed mineral exploration junior.
So why the sudden interest in Kalahari Minerals? Further digging on Regent Pacific Group’s website quickly provides the answer: Stephen Dattels.
Mr. Dattels is Non-Executive Co-Chairman of Regent Pacific, and is also intertwined with Polo Resources (AIM: PRT) and Emerging Metals (AIM: EML) where he is also Chairman and Co-Chairman respectively.
Polo Resources holds 9.08% of Extract Resources (TSX & ASX: EXT), and Mr. Dattels a further 0.9%. Emerging Metals has a 9.84% stake in Kalahari Minerals. Kalahari Minerals - if you didn’t already know - has a 38.68% stake in Extract Resources.
Therefore, Emerging Metals, Polo Resources, Regent Pacific and Stephen Dattels appear to directly hold a cumulative stake of 13.36% in Kalahari Minerals and 9.98% in Extract Resources.
If this wasn’t complicated enough, Regent Pacific also holds a 4.44% interest in Polo Resources!
The significance? Extract Resources is drilling out what is considered to be the most significant uranium discovery in recent decades just south of the world class Rossing Mine operated by Rio Tinto (LSE: RIO). Rio Tinto has also built up a significant stake in both Kalahari Minerals and Extract Resources.
As Extract Resources largest shareholder is Kalahari Minerals, it is apparent that Stephen Dattels is positioning himself quickly for the upcoming board room battle that is quickly unfolding as Kalahari Minerals and Stephen Dattels try to increase their influence on Extract’s board of directors.
EXT Price at posting:
$5.46 Sentiment: None Disclosure: Not Held
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