Blackwood Seeks to Wind Up Tinkler’s Mulsanne to Recoup Debt
Blackwood Corp. (BWD), controlled by commodity trader Noble Group Ltd., said its seeking to wind up Mulsanne Resources Pty, a company associated with Australian mining magnate Nathan Tinkler, to recover debts.
Blackwood has started court proceedings, aiming to appoint a liquidator to help recover money that it says Mulsanne owes under a share purchase agreement, the Brisbane-based company said today in a statement.
Mulsanne in May agreed to invest A$28.4 million ($29.6 million) for a 34 percent stake in Blackwood, which is developing coal mines in Queensland state. Blackwood said Aug. 14 Mulsanne hadn’t paid for the shares. The case follows legal action by Mirvac Group (MGR) over a failed property deal, after two companies owned by Tinkler failed to complete a land purchase in Newcastle, New South Wales.
A hearing at New South Wales Supreme Court in Sydney is scheduled for Nov. 6, Martin Debelle, of Citadel Communications, an external spokesman for Blackwood, said in a phone interview. Mulsanne Resources is associated with the Tinkler Group, according to Blackwood’s statement.
Tim Allerton, a Sydney-based spokesman for Tinkler, declined to comment on legal cases. He also declined to comment on a report in the Australian Financial Review that Tinkler may try to seize control of Whitehaven’s board. Tinkler Group is a closely-held company led by Nathan Tinkler, the largest shareholder in Whitehaven Coal Ltd. (WHC), according to its website.
Tinkler, an electrician-turned-miner, whose other investments include horse stud farms and rugby league team the Newcastle Knights, scrapped a A$5.3 billion offer for Whitehaven last month. He may be preparing to gain control of Whitehaven’s board by voting out certain directors, the Australian Financial Review reported today in its Street Talk column, without saying where it got the information.
Horse auction house Magic Millions will sell 202 of Tinkler’s breeding mares on Oct. 30 on Queensland’s Gold Coast, according to Magic Millions’ website.
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