News: Base Resources receives initial substantial shareholder notice

Base Resources (ASX:BSE) has received a notice of initial substantial shareholding from UK-based fund manager Genesis Investment Management with a 5.01% stake in the company.

Genesis had bought 28,121,727 shares in the company on 23 September 2013 for a total of $150,010.09, or an average consideration of $0.005.

However, it had only just discovered the historic filing.

Genesis was established in 1989 and manages a number of funds including the Genesis Emerging Markets Business Trust, Genesis Emerging Markets Fund – one of the constituents of the FTSE 250 Index - and the Genesis Emerging Markets Opportunities Fund.

Base had in April shipped its first 7,000 tonne bulk shipment of rutile from its Kwale mineral sands project in Kenya through the Likoni Port facility.