Kalahari Minerals Plc
(Public, LON:KAH)APAC, an investment group and metals trader headed by experienced mining investor Andrew Ferguson, is paying 185p-a-share to buy a first tranche of 4.8 million shares from Coronet Resources, a wholly-owned subsidiary of AIM-quoted Kalahari, whose present key asset is a major indirect stake in Namibia's tempting Rossing South uranium project. APAC will pay the same price on or by 10 June for a minimum second tranche of 7.4 million shares, taking the minimum sum invested in Kalahari to £22.6 million, though APAC may choose to take that up to £29.6 million for the full 7.1 per cent.
Mark Hohnen, Kalahari's seasoned executive chairman, has welcomed APAC's investment, which follows Japanese trading group ITOCHU's £43 million purchase of 15 per cent of the company from entrepreneur Stephen Dattels' AIM company, Emerging Metals. Not only did Ferguson spend six years co-running the City Natural Resources High Yield Trust, but also APAC has what Hohnen describes as 'invaluable relationships and contacts in the Chinese commodities market'.Kalahari shares have been star performers on the back of Rossing South and other non-uranium interests, though at 174p, valuing the company at £393.4 million, the shares are still off their high of 211p. With medium term prospects looking decidedly fair, the shares are a hold/buy.
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