Minorco sells 10% Matthey stake for pounds 132m
Wednesday 19 June 1996
Warburg was understood to be seeking to place the stock at about 625p a share. Johnson Matthey closed down 20p at 630p.
The company - which is owned by Anglo American, the Oppenheimer family and De Beers, and chaired by Julian Ogilvie Thompson - explained that the sale of the 9.9 per cent holding was part of a programme of disposals designed to strengthen the company's balance sheet as it prepared to develop several significant mining projects around the world.
Explaining that the stake had been a "non-strategic investment", a Minorco spokeswoman said that the company had been "a totally different animal" when the Johnson Matthey shares were acquired from Charter Consolidated at 490p in February 1993.
For example, Minorco had wanted to be exposed to the platinum market, she said.
Recently, Minorco acquired several mines at various stages of development and estimates that these will require funding of about $2bn, half of which will come from the Minorco balance sheet. As a result, Minorco is looking to increase its cash assets.
In February this year, Minorco sold a 9.6 per cent holding worth about $82m in US oil and gas company Santa Fe Energy Resources.
A month later, it received a total of about $250m by disposing of an 18.9 per cent stake in Australian mining group Normandy Mining and a 3.7 per cent interest in the company's gold mining arm, PosGold.
The spokeswoman said Minorco would be reviewing the situation and selling other investments as the need arose.
Last year, Minorco, whose chief executive is Hank Slack, announced a 51 per cent increase in underlying profits, to $365m.
- 1 This restaurant has misunderstood the concept of 'cheese and biscuits'
- 2 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 3 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
PornHub turns masturbation into energy in bid to save the planet
Spiritual leader allegedly manipulated 400 men into removing testicles to be 'closer to God'
The 'sex selfie stick' lets you FaceTime the inside of a vagina
New theory could prove how life began and disprove God
End of the licence fee: BBC to back radical overhaul of how it is funded
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...