Investment Vehicle Owned by Andrew Forrest to Acquire Stake in EQ Resources; Shares Up 26%

MT Newswires Live07-20

EQ Resources (ASX:EQR) said Wonongarra, an investment vehicle owned by Fortescue (ASX:FMG) founder and executive chairman Andrew Forrest, agreed to acquire the entire ownership stake in the company owned by funds managed by Oaktree Capital Management, according to a Monday filing with the Australian bourse.

The transaction involves 862.1 million shares and 35.6 million options, representing about 16.8% of the company's issued capital, the filing said.

The transaction will not affect the company's strategy, operations, management, or employees, and notices regarding the ownership change will be filed in accordance with the Corporations Act 2001, per the filing.

EQ Resources' shares rose 26% in morning trade on Monday.

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