Bank of America Merril Lynch has bought back into Base Resources Ltd (LON:BSE) after it sold out before Christmas.
On 22 December 2017, the company was notified that Bank of America had ceased to be a significant shareholder. Now though, two of the bank’s funds, Merrill Lynch Futures and Merrill Australia have taken its total stake to over 39.5mln shares, or 5.3%.
READ: Base to acquire Toliara Sands project in Madagascar, raises US$100 mln
The initial sale followed the announcement of the potentially transformational US$75mln acquisition of the Toliara Sands project in Madagascar. At that point, Base also revealed that it was planning to raise US$100mln in new equity.
Base is currently capitalised at just over £160mln on the London Stock Exchange.