Wal King on hold for Guildford Coal [IMG]AAP – Mon, Sep 29, 2014...

Wal King on hold for Guildford Coal

AAP – Mon, Sep 29, 2014 7:05 PM AEST

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Guildford Coal has put the brakes on the appointment of Wal King as its new chairman.
The move comes just days after China's Sino Construction said it intended to make an off-market takeover bid for Guildford.
Guildford announced in August that it would appoint Mr King, who used to head construction giant Leighton Holdings, as its non-executive chairman on September 29.
But on Monday, Guildford said that given Sino's plans to make a takeover bid, it would delay Mr King's appointment until a decision was made on the offer.
Guildford has a portfolio of coal exploration tenements in Queensland plus two projects in Mongolia.
Shares in Guildford were down 0.8 of a cent at 4.3 cents by 1131 AEST.