SMH: All will be clear at Fortis once potash cloud clears
The Sydney Morning Herald reports Fortis Mining chiefs Jitto Arulampalam and Frank Cannavo are clearly hoping to repeat history by moving into the boardroom of another exploration hopeful, Great Western Exploration.
The duo have not only taken control of the board, but brought along some of their favourite Hong Kong backers from would-be Kazakhstan potash miner Fortis – Madam Cheung Kwai Lan, and Team Lucky.
It is an interesting diversion given that Fortis’s shares have tumbled in recent weeks, briefly touching $1 earlier this month and generating a ”please explain” from the ASX.
In fact, the ASX appears to have been leaning a little on Fortis to choose its words and announcements a little more carefully.
In an odd sequence of events, Fortis announced on June 17 that, contrary to a suggestion in a newspaper column, it had not done any further deals in Kazakhstan, and was not pursuing any further proposals there.
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