Tinkler Cashes In Most Significant Remaining Asset
Embattled former coal baron and ex-billionaire Nathan Tinkler has sold his 19.4 percent stake in Whitehaven Coal for $2.96 per share.
That’s a pretty good price, it bring about $600 million to clear his most significant debt owed to his financial backer, Farallon Capital, and its subsidiary Noonday Asset Management.
But it’s a lot less than the $5.20 per share that the former high-flyer was offering Whitehaven when he tried to takeover the company last year.
Tinkler has spent this year selling off his luxury properties, horse stud and even helicopter to satisfy his long list of creditors.
Farallon announced it had taken 9.91 percent of Tinkler's interest, which boosts its stake in Whitehaven to 16.62 percent.