Audley Capital, as investment adviser to the activist Audley European Opportunities Fund, has increased its holding of shares in AIM-listed Sable Mining Africa, a resource company focused on mining assets in sub-Saharan Africa.
Audley’s move, which takes its holding in Sable Mining to some 4.1 per cent or 38,280,000 shares, comes on the back of last week’s announcement of substantial gains achieved by the fund from a major holding in Western Coal, now the subject of a takeover bid from Walter Energy.
Audley European Opportunities Fund was recently re-opened to investors and the enhanced holding in Sable Mining is the first in what Julian Treger, Audley’s managing partner, describes as “a pipeline of important new investments.”
Treger says: “Sable Mining has several world class assets including iron ore in South Africa, Coal in Zimbabwe, several iron ore projects of size in Liberia and a new one in Guinea. Each of these could be worth the company’s current market cap.”
Prior to the returns arising from the Western Coal Corp stake, Audley European Opportunities Fund was showing gains of 48.5 per cent in the year to end-October.
