Blumont

Blumont: Has appointed Alexander Molyneux as its chairman designate with effect from yesterday. The move came after Mr Molyneux, in cooperation with Pacific Advisers, agreed to buy 135m Blumont shares, representing about 5.2% of the total shares outstanding, post rights issue. The indicative acquisition price will be 40c per share, subject to price adjustments. The final acquisition price will be the volume weighted average price of Blumont's shares between the date of the agreement and closing of the transaction subject to a floor price of $0.20 per share and a ceiling price of $0.60 per share. Closing is expected to take place within 30 days. Mr Molyneux said he has watched Blumont for some time and was a believer in its business model. This is a company fast on its way to being Asia's first diversified natural resources champion. With the unusual share price drop, this is the right time to get involved, he noted.