Pan Asia cap raise ignored by shareholders, gives chairman 52pc control
Mining
Mining
The new chairman of coal explorer Pan Asia Peter Chai has won control of the company after only 4.5 per cent of shareholders took up a $1.2 million rights issue.
Pan Asia (ASX:PZC) raised $55,442 at 0.2c a share.
Mr Chai will effectively take up 95.5 per cent of the issue because he controls the underwriter, Advisors Alliance.
He will now have control of the company with a 55.11 per cent stake.
Pan Asia is proposing to sell its Indonesian coal asset, the TCM project.
That deal is worth about $7.5 million to Pan Asia.