Robert Friedland issued a news release on Monday after the market close under Canada’s so-called early warning financial market requirements that he’s regained control over a large chunk of shares in Ivanhoe Mines.
According to the press release issued from Singapore where Friedland is based, the billionaire financier has “regained direction and control” over 25m common shares that were previously pledged as security for a loan. The shareholding is worth C$84m (US$63m) at today’s ruling price.
According to the press release Friedland now effectively controls 14.4% of Ivanhoe Mines:
“The 25,000,000 common shares constitute 2.1% of the 1,194,039,162 common shares of Ivanhoe Mines currently issued and outstanding.
Mr. Friedland’s controlled affiliate, Newstar Advantage Ltd. continues to be the registered owner of 135,570,260 common shares (which includes the 25,000,000 common shares released from the pledge by the Lender and over which Mr. Friedland now exercises direction and control) and Mr. Friedland continues to directly own 34,454,717 common shares, which in aggregate total 170,024,977 common shares, representing in aggregate approximately 14.2% of the common shares currently issued and outstanding.
For the rest of this article: https://www.mining.com/friedland-boosts-ivanhoe-mines-stake/