Under the terms of the convertible note deed entered into during 2012, either Greatgroup or Stanmore could bring about the conversion of the convertible notes during the period June 27, 2014, to June 27, 2015.
The issue of convertible notes to Greatgroup was approved by shareholders at the general meeting held on October 10, 2012.
Exemption under item 7 of section 611 of the Corporations Act was also obtained from shareholders at the annual general meeting on November 29 2012 to allow Greatgroup’s interest in Stanmore to increase above 20% as a result of the conversion without having to make a takeover bid for the company.
Last month Stanmore upgraded 50 million tonnes of its Belview coking coal project’s resources from the inferred status to the higher indicated category.
These are the first indicated resource tonnes for the project with 280Mt remaining as inferred resources.
The new indicated tonnes came from the project’s average 2m thick Castor seam and average 3m thick Pollux seam, with these seems also considered the shallowest in the northwest region of the project’s permit EPC1186.
“Raw ash results within the indicated resource are favourably low, averaging 25.5% for the Castor and 14.1% for the Pollux,” Stanmore said.