Tembo Capital Management, a UK-based private equity firm and Orion Minerals’ anchor shareholder, sold its entire stake in the copper development company. The stake represented approximately 12.1% of Orion, or 1.08 billion shares.
Former Orion board member Thomas Borman and Sujajo Investments S.A. bought 500 million shares. Their combined holding rose from 8.74% to 14.32%, making them substantial holders. An undisclosed party acquired the remaining shares sold by Tembo.
The off-market sale price was A$0.019 per share, a 16% discount to Orion’s previous ASX closing price. After the news, Orion shares fell by more than 4% on the Australian exchange.