Gold Road ups De Grey stake via Credit Suisse

Gold Road announced on Thursday afternoon that it was seeking to acquire up to an additional 4.67 per cent stake in fellow WA gold play De Grey, and tapped Credit Suisse to arrange it via a derivative.“If Gold Road elects to proceed with the transaction, Gold Road will announce its interest in DEG before opening of trade tomorrow morning,” the company said in a statement to the ASX.

The line of 65.9 million De Grey shares crossed at 5.31pm via Credit Suisse’s desk, suggesting Gold Road and its counterparty were able to get its hand on the required stock.“This intended acquisition of further shares in DEG is consistent with Gold Road’s stated strategy to grow and diversify its growth pipeline,” Gold Road said in its announcement.

“At this stage, this shareholding is seen as a long-term investment and Gold Road does not intend to make a takeover bid or other offer for DEG, but Gold Road reserves its right to do so and to make further investments in DEG at any time.” Gold Road’s move came after a tough day for De Grey shares, with the stock down 4.8 per cent to close at $1.

co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.

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