Boustead

Boustead: Group sold its 7.4% stake in OM Holdings Limited, the integrated manganese mining company listing on ASX, via a married deal totalling A$18.5m, which represented a premium of 18.6% to the 30-day VWAP. Group bought OM Holdings previously for A$17.5m in Feb 2012, in an ambitious plan to expand into downstream ferro-manganese alloy smelting in Msia. Boustead cited that the cause of sale was that the objectives of the previous strategic relationship did not materialise. Group's expects a gain of $5m from the sale, and with the impairment of $4.5m up to 3QFY13, the net $0.5m gain on the divestment would increase its NAV marginally. As of the last reported financials (3QFY13 ending 31 Dec 2012), cash position of $218.5m is equivalent to $0.426/ share, making trailing P/E ex-cash 6.1x;