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Alternative Market Briefing

Hedge fund Litespeed raises stake in Bradken

Monday, October 05, 2015

Komfie Manalo, Opalesque Asia:

New York-based hedge fund Litespeed Management has again raised its stake in Bradken, the struggling mining services and heavy equipment manufacturer, from 10.82% to 11.91%, reported the Sydney Morning Herald. This is despite the collapse of merger talks between Chile-based consortium Sigdo Koppers and CHAMP Private Equity and Bradken five weeks ago, as both sides failed to reach an agreement on the company’s value.

The additional buying of Bradken shares also came as the company announced last week that its chairman Nick Greiner would be leaving the firm and be replaced by long-time director Phil Arnal. Bradken's long-serving managing director Brian Hodges still remains at the helm of the company for now but should be leaving soon too.

Litespeed had bought a substantial number of Bradken shares in May and June, paying between $2.30 to $2.40 per share, prior to a large fall in the Bradken share price as the global mining downturn hit the business. The hedge fund has since been ramping up on Bradken shares over the past few months at between $1.05 and $1.06 per share.

According to the paper, "the Bradken situation is unusual however because Sigdo Koppers and CHAMP injected $70 million into the Bradken balance sheet in June 2015 to strengthen its weak balance sheet and still have a substanti......................

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