An item in today's Business Spectator expands The Australian's article slighly... Corvette Resources and Cape Lambert Iron Ore
Tony Sage's Cape Lambert Iron Ore will make a bid for Corvette Resources, a gold explorer it inherited a 19.9 per cent stake in through the acquisition of collapsed mining company CopperCo. Sage, a Perth entrepreneur who is also on the board of Corvette, is restricted in what he can and can't say, but it didn't stop him telling the ASX that the market was "unforgiving for small resources companies" and a takeover would enhance value. Corvette has advised shareholders to take no action, stating that a committee of Corvette's managing director Pat McManus and chairman John Moore, the former defence minister, would be established to provide recommendations. Sage is the only other director. Cape Lambert said it did not currently intend to make takeover bids for Tianshan Goldfields, NiPlats Australia or Buka Gold, other companies it inherited via CopperCo. Last week Cape Lambert moved to replace Buka's board of directors after Sage and two nominees were seats at the table. Buka Minerals, a company owned by Cape Lambert, has requisitioned a meeting of shareholders
Tony Sage has certainly laid his cards on the table as far as policy goes.... BARGAINS are the only things he is interested in digging for... and that suits me fine
CFE Price at posting:
34.5¢ Sentiment: Hold Disclosure: Held
