Business & Investment

EHL-Emeco Holdings | Australian Equity Forum

US hedge fund acquired by Great Southern Emeco
January 11, 2008 Mark Pownall

Funds associated with New York’s commodity hedge fund player Ospraie Management LLC have revealed significant shares in two major Western Australian companies outside the focus of pure mining in the group’s previous states.

Today, the Australian Stock Exchange announced that the Ospraie Fund has reached 5.15% of Emeco Holdings Ltd, a so-called yellow goods provider, a machinery supplier to the minerals and contracts sector.

The Ospraie-related fund holds more than 32 million shares and began purchasing with 10.5 million shares purchased in July for $ 1.90 per share.

Their last purchase was a block of 700,000 shares for $ 1 each earlier this week, valuing the entire share at $ 32.4 million.

The Ospraie fund emerged as a substantial shareholder of the timber, horticulture and investment management group Great Southern Ltd on December 28, raising its 5.4% stake to nearly $ 60 million to 9.9%, or 31.8 million shares. ..

Purchasing is a clear change from the previous WA focus on direct mineral investments such as Gunson Resources Ltd and Iluka Resources Ltd.

According to ASX notice, Ospraie’s fund controls more than 12% of Iluka and currently holds 29 million shares, worth about $ 135 million.

Ospraie is the world’s largest commodity hedge fund, with a reported investment of $ 7 billion.

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