Thanks for finding that, the few paragraphs from AFR reads:
Just to prove what a contrary soul is Yu Yong, the billionaire who made such a mess of Discovery Metals, he is taking his leave from the register just as the troubled Brisbane-based miner of copper in Botswana closes in on the sale of itself.
Mr Yu once owned 13 per cent of Discovery and wanted to buy the rest for $1.70 a share in a deal that valued the business at $830 million.
He walked after a dispute over diligence and that triggered a collapse in Discovery’s share price, amplified by breaches of banking covenants that leaves the business running at the indulgence of its bankers and desperately seeking new ownership.
Through the crisis, Mr Yu kept his holding. Now, with a deal apparently close, he has sold 8 per cent of Discovery at about 15¢ a share.
We hear he paid better than 40¢ a pop. Plainly vengeance can be as costly and it might be sweet.
DML Price at posting:
13.5¢ Sentiment: Hold Disclosure: Held
