August 30, 2008

Allegiance trade soars after Zinifex buy

It is reported that Tasmania focused Allegiance Mining was the most traded stock on the Australian Securities Exchange, after suitor Zinifex increased its stake in the company to 69.35%.

As per report Zinifex increased its stake in the company by 39 million shares increasing its voting stake by about 5% while a total of 43.1 million Allegiance shares worth AUD 47.4 million changed hands on the market.

Zinifex prevailed with its AUD 790 million, three month takeover battle for Allegiance Mining earlier this month, after the company increased its stake in the miner to 51.1%.