HDR hardman resources limited

HDR Sells part of ARQ shareholding

  1. 2,056 Posts.
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    Good Call BlackGold. You were spot on.
    Seemed the only reasonable explanation and more so today with its continued support.

    HARDMAN RESOURCES LIMITED 2002-06-04 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    The Directors advise that the Company has sold part of its holding of
    ARC Energy NL shares, realising a profit of $2,267,997 on the shares
    sold, with total proceeds being $3,370,514. Hardman retains a holding
    of 9,325,000 shares being 6.11% of the issued capital of ARC.

    Hardman acquired the majority of its shares in ARC in April 2002 via
    the conversion of a loan to ARC in September 2001. The terms of the
    loan gave Hardman the right to convert to ARC shares at a price of 16
    cents per share.

    The partial sale of the ARC shareholding is in line with the
    Company's financial management strategy and has enabled Hardman to
    show a profit in the current year from this investment. Hardman
    remains a supporter of ARC and commends the ARC board and management
    on their successes and achievements during this period.

    A Notice of Change of Interests of Substantial Holder is following.

    T Ellyard MANAGING DIRECTOR

    FORM 604

    NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

    Hardman Resources Ltd decreased its relevant interest in Arc Energy
    NL on 30/05/2002, from 15,825,000 ordinary shares (10.37%) to
    9,325,000 ordinary shares (6.11%).

 
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