Toll's (aka 'Mrs Doubtfire') latest venture with his bosom...

Toll's (aka 'Mrs Doubtfire') latest venture with his bosom buddies Harbinger Capital has been stumbling:




'Ferrous forced to pull London listing'
PETER KLINGER, The West Australian June 4, 2010, 7:10 am

Ambitious plans by former Fortescue Metals Group chairman Gordon Toll to fund a $3 billion iron ore project in Brazil have stumbled after his company shelved plans to list in London.

The Toll-chaired Ferrous Resources had planned to raise as much as $US400 million ($470 million) in an initial public offering in London to kick-start funding for its Viga mine project in Brazil.

However, equities market turbulence this week prompted Ferrous to pull its IPO plans. It is the second time in as many years that the company has axed its listing. In 2008, Ferrous panned its IPO because of the global financial crisis.

Ferrous' float withdrawal is in stark contrast to the iron ore fortunes of Nik Zuks, the former Kingstream Steel boss who listed his latest play, Bellzone Mining, in London two months ago.

Bellzone, which is developing an iron ore project in Guinea with the help of Chinese interests, was worth �221.4 million ($382.4 million) last night.

Mr Toll told Bloomberg that Ferrous would reconsider its float plans once markets stabilised.

"We have taken the difficult decision to postpone the initial public offering as a result of the considerable volatility in the equity markets," Mr Toll said.

"We will re-evaluate our options when conditions improve."

Ferrous planned to use the money raised for the first stage of Viga's development into a mine capable of producing 25 million tonnes a year of pipeline concentrate by late 2013 as well as building a port. Viga is within Brazil's Iron Quadrangle, where most of the country's iron ore is mined.

Ferrous' biggest investor is Harbinger Capital Partners, the New York hedge fund run by Philip Falcone, one of Fortescue's early backers.


I also noticed that YA Global have been nominated for an award for 'best' hedge fund managers (maye they should change that to 'best screw-over merchants' & these guys would clean up in the same way they are trying to clean up on CMR at our expense): http://www.hfmweek.com/news/166506/hfmweek-announce-awards-shortlist-.thtml

All the above is IMHO & without prejudice..