Village rethink CBD has an update on Jenny Hutson's mining...

Village rethink

CBD has an update on Jenny Hutson's mining resort plaything Village National.
As your columnist suspected, now is not actually a good time to invest in anything related to mining services. The $17.6 million of capital that Village National is planning to raise will mainly be sourced from existing investors to prop up the mining accommodation maker.
An update from Village's largest shareholder, investment manager Entrust Funds Management, says it will wind up the fund that owns the Village stake and write down the value of its investment – from $9.85 million to $4.1 million – ''due to the impact of the resources sector downturn impacting on the financial performance of the business''.
Entrust says: ''Village National has sought to implement strategies that will position itself to successfully navigate a more difficult operating environment.
''It is expected that further equity may be required and this is likely to be raised from existing shareholders and new strategic partners.''


Read more: http://www.smh.com.au/business/former-nathan-tinkler-ally-philip-christensen-leaves-whitehaven-board-20140715-zta3z.html#ixzz37a00z1Zl