from australian online this afternoonUnknown buyer takes $15.5m...

from australian online this afternoon


Unknown buyer takes $15.5m stake in Cape Lambert Iron Ore

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Sarah-Jane Tasker | July 16, 2008

A MYSTERY buyer has taken a 14 per cent stake in Cape Lambert Iron Ore, worth $15.5 million.
After an enquiry, Cape Lambert (ASX: CFE: quote) is unsure of the buyer but is aware that the holder of the new shares is Merrill Lynch (Australia) nominees.

Merrill Lynch now holds on behalf of itself or clients, 56,050,143 shares in Cape Lambert representing approximately 14 per cent of the issued capital in the company.

Cape Lambert is currently in the final stages of completing a sale agreement with a wholly owned subsidiary of Chinese conglomerate, China Metallurgical Group Corporation.

This sale agreement will see the subsidiary of MCC acquire Cape Lambert’s namesake iron ore project in Western Australia for $400 million.

All conditions of the agreement have been agreed, apart from a vote by CFE shareholders, which is due to occur on 28 July 2008 in Perth.