+43 1 5325634 office@bollwerk-ag.com

BlackRock buys and sells Forge

blog-img

BlackRock buys and sells Forge

BLACKROCK Group, the world’s largest asset manager, acquired a substantial holding in troubled mining services provider Forge Group – before selling out most of it at the end of last week.

Forge had been queried by the Australian Securities Exchange for a run in its shares, which included a near-55% gain in just one day on December 30.

The company couldn’t explain the rise but it was revealed in an initial substantial holder notice released on Friday that, as at December 31, BlackRock had become a 5.3% shareholder in Forge.

The notice revealed the New York-based fund had been buying Forge shares steadily since September, with prices paid ranging from $A5.87 on the first buy to just 48c last month.

However, in a ceasing to be a substantial holder notice released to the market this morning, it emerged that on January 2, BlackRock sold 1.3 million shares on market at $1.75 per share.

That would leave the fund with a miniscule stake in the mining services firm.

Forge shares gained 1.4% to $1.44 this morning.

http://www.miningnews.net/storyview.asp?storyID=801875951&section=General&sectionsource=s58&aspdsc=yes

Related Post

With a world-class development-stage asset, WTR are on the path to become a major mineral sands producer in Madagascar. World Titanium Resources is developing the Tier 1 Toliara Sands Project north of the port of Toliara in south-west Madagascar. The Ranobe Mine  is projected to produce 407,000tpa of ilmenite and 44,000tpa of zircon rich concentrate per […]

On March 21, in a warehouse chemical plant in Hamburg there was a leak of chemicals therefore has covered the city with a poisonous cloud of orange color.   It is reported that in a warehouse there was a spill of sulfuric and nitric acid, as a result of chemical reaction over Hamburg the dense […]