Coal miner New Hope Corporation Ltd
(ASX:NHC) has acquired a 13 per cent stake in Planet Gas Ltd
(ASX:PGS).
New Hope paid $4.5 million for around 47.47 million Planet Gas shares.
The company says subject to Planet Gas shareholder approval, it is entitled to increase its interest in Planet Gas up to 19.9 per cent via participation in a second tranche issue at 9.5 cents a share.
As a result of this transaction New Hope says it will be the single largest shareholder in Planet Gas, with the directors of Planet Gas accepting the nomination of Robert Neale to its board of directors.
Planet Gas is an Australian-based, coal bed methane exploration and development company with operations in the Powder River Basin in Wyoming in the U.S.
New Hope’s 2008 net profit was $90.68 million.
