Singapore-based Mandolin Fund ramps up its stake in Sino-Forest to 18% with purchase of 2.7 million shares
Audrey Dixon
LOS ANGELES
,
August 8, 2011
(Forestweb)
–
The Mandolin Fund, based in Singapore and run by New Zealand-born billionaire Richard Chandler, has acquired more shares in beleaguered Sino-Forest Corp., taking its stake up to 18%, The Calgary Herald reported on Aug. 6.
The fund reportedly disclosed on Friday that it had bought another 2.7 million shares in the Toronto-listed Chinese forestry company on Aug. 4.
Mandolin has been gradually boosting its stake in Sino-Forest since its shares slumped following allegations earlier this year of fraud by short-seller Carson Block and his firm Muddy Waters.
Sino-Forest’s shares fell more than 60% following the accusations and according to The Calgary Herald reached a low of C$1.29 in mid-June.
However, the shares were given a boost when Mandolin began to move on the shares. As The Edmonton Journal reported on July 28, Sino-Forest Corp. saw its share price climb more than 20% at one point after the Mandolin Fund revealed it had acquired more than 5.3 million Sino-Forest shares on July 26, taking its holding close to 15%.
The primary sources of this article are The Calgary Herald, Calgary, Alberta, Aug. 8, 2011, and Forestweb archives.
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.