quote of interest re crawley investments

Hello A -Team and all Readers,

Well from the following Quote Mr Michael Kiernan may hold 30 % of Crawley Investments and Noble of Hong Kong with 70 % and this is painting an interesting picture, Quote:-

'Kiernan To Help Back NT Miner | Print |
The West Australian
13 February 2007

by John Phacea
Hong Kong commodities trader Noble Group and Perth mining tycoon Michael Kiernan have underwritten the development of the Northern Territory's first iron ore mine with a deal to pump $30 million into emerging Perth miner Territory Iron.
 
Territory, which is developing the Frances Creek iron ore mine near Pine Creek, said yesterday it would place 60 million new shares
at 50 each in two tranches to Crawley Investments - a joint investment vehicle owned 70-30 by Noble and Mr Kiernan.

The deal, which is subject to shareholder approval, will deliver Crawley a 30 per cent stake in the company at a 35 per cent premium to Territory's average price for the last two months of 37. The news sent Territory shares surging as high as 49 before closing 7 up at 46.

The deal represents Noble's first investment in the Australian iron ore business since being outbid for a half stake in Gina Rinehart's Hope Downs project in 2005 and missing out on a cornerstone stake in Andrew Forrest's Fortescue Metals Group last year.

As a cornerstone investor in Consolidated Minerals during Mr Kiernan's reign as chief executive, Noble also helped the manganese
and nickel miner become one of Australia's biggest independent miners.

Territory Iron chief executive Doug Stewart said yesterday Crawley's investment was clearly a big vote of confidence in the company and would provide the outstanding funding needed to bring Frances Creek into production by mid-year.

"Clearly it's exciting when a billion dollar company that is well established in the iron ore industry ... comes into a company like ours,
" he said.

Mr Stewart said Noble clearly saw Territory as "an Australian company that has the potential to grow and do other things". While its immediate focus would be on bringing Frances Creek into production, it would also be better placed to pursue opportunities in a
range of commodities with Crawley's backing, he said'. / End Quote

No responsibility taken for any losses n association with this Posting.

Regards,

moly