Source: Australian Financial Review
Article Date: 04/07/2011
Kinghorn red hot on White Energy
Journalist: John Kehoe
Date: 4 July 2011
Publication: Australian Financial Review
White Energy has been out selling itself to investors in recent weeks and it appears someone actually liked the story.
John Kinghorn, a director of the coal technology group no less, disclosed on Friday he was now also a substantial shareholder in the company, with 6.3 per cent.
Kinghorn spent $19 million buying a further 10 million shares.
White Energy has been marching south since December, when it proposed to pay $500 million for a NSW coal asset largely owned by its directors.
Even calling off the related party deal could not change the stock’s trajectory, which has been a favourite among short sellers.
But perhaps the entry of Kinghorn will give investors heart, as he is man known for impeccable timing.
The only problem is that he is better known as a seller, after he dumped $600 million worth of stock via the float of Rams Home Loans just before credit markets began to tighten the reins in 2007.