Economy

Nathan Tinkler hired as a “strategic corporate adviser”; McAleese in trading halt after Atlas mines shutdown: Midday Roundup

Kirsten Robb /

Former billionaire Nathan Tinkler has scored a job as a strategic corporate adviser to listed mineral exploration company Rumble Resources.

In a statement to shareholders, Rumble Resources said Tinkler’s appointment is a “key milestone” for the business, with the once high-flying executive to offer Rumble Resources “a wealth of resource development experience, significant financing expertise and an extensive global network and large following from around the world”.

Rumble chief executive Shane Sikora said in the same statement Tinkler’s appointment is “great news” for Rumble, which reported a capital raise of $1.68 million in the same announcement.

“His track record of creating significant shareholder value in both private and public companies, in addition to his experience in large-scale financial raisings, will be of great benefit to Rumble shareholders,” said Sikora.

Rumble said Tinkler will be paid in performance-based share options.

 

McAleese in trading halt after Atlas mines shutdown

 

Transport company McAleese has suspended its shares from trading in the wake of key customer Atlas Iron Limited’s announcement last week that it will begin to shutdown mining operations in Western Australia.

Atlas, the first clear victim of the downturn in iron ore prices, on Friday revealed it would wind-down production at its Pilbara mines within weeks.

In a statement to shareholders, McAleese said it had sought a voluntary suspension from the Australian Securities Exchange of up to 10 days while it “considers and reviews the operational and financial implications, and various commercial scenarios that could eventuate, as a result of Atlas’ decision.”

“In light of the company’s material exposure to Atlas, a voluntary suspension is considered appropriate to ensure the market in McAleese securities is orderly and trading on a fully informed basis,” McAleese told shareholders.

“McAleese Group has a strong and long-standing partnership with Atlas and will continue to work constructively with the Pilbara based miner as a priority to achieve outcomes in the interest of the company’s people and business.”

 

Shares up

 

Local shares are up this morning, leading a renewed push towards 6000 for the ASX 200.

“A risk on session for international markets led by Europe is likely to see a firm opening on our stock market this morning,” said Ric Spooner, chief market analyst at CMC Markets, in a statement.

“This will have traders again thinking about the potential implications of a break above 6000 by the ASX 200.”

The S&P/ASX200 benchmark was up 20 points to 5988.4 points at 12:15pm AEST. On Friday, the Dow Jones closed up 0.55%, jumping 98.92 points to 18,057.6 points.

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Kirsten Robb

Kirsten Robb is a former journalist at SmartCompany. Previously, she worked at News Corp as a property reporter for Leader Newspapers and the Herald Sun, and holds a Masters of Journalism at Melbourne University.

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