BMX - SOG

  1. 2,839 Posts.
    Sons of Gwalia Ltd (SOG) Chairman, Peter Lalor, said in his address to the annual general meeting, that the company intends to sell its 25% interest in BeMaX Resources. The sale will result in a payment from BeMaX of $A12.3 million and a further issue of BeMaX shares to SOG, which will take SOG’s interest to approximately 19.9% of the current issued capital of BeMaX.

    Not being in the BMX loop anymore could somebody clarify the statement for me please.
    SOG is selling it's 24% interest in Bemax in return for A$12.3M and more shares in BMX.....this hardly equates to selling it's stake in BMX.
    Maybe I've missed something....getting late in the trading day!!
    Cheers.
 
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