Randgold salehttps://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10498557
London,19 May 2010 - Randgold Resources sold 5million common shares in Volta Resources Inc ("Volta") at a price ofCAD$1.59 per common share on Wednesday 12 May 2010. The total proceedspayable to Randgold were CAD$7.95 million (US$7.80 million). The cashproceeds received will be used for general corporate purposes.
Randgold acquired 20 million common sharesin Volta as part of the consideration received for the sale of the Kiakaproject in Burkina Faso to Volta, completed on 20 November 2009.Randgold continues to hold 15.99 million common shares in Volta.
The management of Randgold has no on-goinginvolvement with the Kiaka project or Volta and will continue tocategorise the remaining Randgold investment in Volta asavailable-for-sale financial assets.
my thoughts...
...good riddance. More shares for the rest of us and less influence from the big boys ;-)
Sorry if I don't buy the 'we need money' from a company with a market cap of over 7 billion but who's counting.
They must really be strapped for cash if they reduce their position in one of the hottest West African plays currently out there.
But, their prerogative to sell or buy.
The fundamentals of Volta have not changed so if someone wanted to get some cheap shares, now is the time to pick them up cause scared investors will probably sell and have already done so.
We will have no shortage of buyers in the coming weeks ahead.
YeOld.