Chop chop, Genesis Mineral
earlier this month. The purchase of an 11 per cent stake by Luke Tonkin’s Silver Lake didn’t just put Red 5 into play, it threw down the gauntlet to Raleigh Finlayson’s Genesis Minerals,
Now, Street Talk can reveal Red 5, whose shares have risen nearly 30 per cent since Silver Lake’s arrival for a market value of $941 million, has drafted in Gresham Partners as defence advisor. It’s a wise move: Finlayson isn’t likely to let a cashed-up Silver Lake swoop on Red 5 without a fight, and recent buying suggests we may see another shareholder notice from the former in coming days.
But it’s only recently that a company – which happens to be Genesis – has taken the lead on making it happen, first taking out Dacian Gold,. It’s also worth remembering Genesis was able to corral support from deep-pocketed investors for its St Barbara play, with backers including AustralianSuper, Kerry Stokes’ Australian Capital Equity, Paradice Investment Management and Eley Griffiths Group. You would have to think Finlayson’s kept his backers close for when he finds his next MRed 5 lost $8.
Silver Lake had $332.8 million cash and bullion at June 30, up 6 per cent over the previous financial year. has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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