LONDON (Alliance News) - Nyota Minerals Limited Tuesday said its key shareholder Centamin Holdings Limited has further reduced its stake in the company.
The gold exploration and development company in East Africa said Centamin sold a total of 16 million shares between November 7 and November 14.
Following the disposal of shares, Centamin now holds 111 million shares or 12.6% of the company's issued share capital, down from 17.2% in early October.
Nyota shareholders recently voted against an attempt by Centamin PLC to remove the company's Chief Executive Richard Chase, the latest development in an ongoing disagreement between Nyota and its shareholder.
Centamin had been in talks with the Nyota about its future, but started reducing its stake after Nyota signed a sales agreement with another exploration company. Centamin had tabled a resolution to remove Chase in an attempt to try and salvage a deal for itself.
Earlier this month Nyota said talks were progressing well with its new, unnamed, development partner. The party is a junior exploration and development company listed on a regulated stock market.
Nyota shares were up 5.8% to 0.550 pence, while Centamin shares were up 1.6% to 51.20 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2013 Alliance News Limited. All Rights Reserved.
