Lightning Minerals (ASX:L1M) shareholder Toronga has increased its stake in the explorer from 16.18% to 19.96%, placing its voting power just below Australia’s 20% takeover threshold.
A substantial holder notice lodged with the ASX shows Toronga’s holding increased by 20.89 million shares to 75.89 million ordinary shares.
The change occurred on 31 July through participation in a placement and on-market purchases. However, the notice does not disclose the consideration paid or how the increase was divided between the transactions.
Lightning’s issued capital increased from 339.83 million shares at the time of Toronga’s previous notice on 10 June to 380.11 million shares.
Toronga is a Melbourne-based private company associated with Danny Segman, who is a director of and holds a beneficial interest in the entity. Lightning’s 2023 annual report listed Toronga as the company’s largest shareholder as at 31 July 2023, with a 10.32% stake.
Under the Corporations Act 2001, acquisitions that increase a person’s voting power from 20% or below to more than 20% are generally prohibited unless made through a takeover bid or another permitted exception.
Lightning Minerals is an Australian gold-focused exploration company led by its flagship Mt Turner Project in northern Queensland.
Its portfolio also includes the Warby Tungsten Project in Queensland, gold projects in Western Australia, and copper-gold assets in the Lachlan Fold Belt of New South Wales.
Write to France Pinzon at Mining.com.au
Images: Lightning Minerals
