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Blackwood shares tumble after wind-up order against Tinkler company
SYDNEY |
SYDNEY Nov 20 (Reuters) - Shares in Australian junior coal miner Blackwood Corp Ltd fell 25 percent on Tuesday after liquidators were appointed to a company owned by struggling mining magnate Nathan Tinkler to recover A$28.4 million ($29.6 million) owed to Blackwood.
Blackwood sought wind-up orders against Mulsanne Resources Pty Ltd after talks failed to reach a deal for the payment of outstanding funds.
Tinkler had agreed to purchase a one-third stake in Blackwood, but failed to make the payment.
Shares in Blackwood were down 25 percent at A$0.135 at 1202 GMT. (Reporting By Jane Wardell; Editing by Richard Pullin)
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