Butte passes dividend on convertibles
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BUTTE MINING, the UK-listed minerals group, is passing a dividend payment on its convertible preference shares.
The move comes in the wake of an investigation by the Serious Fraud Office into dealings in the company's shares and those of Richmond Oil & Gas, a separate company.
The inquiry was launched after the SFO received documents about the two companies from investigators in Jersey which indicate the possibility of an illegal share support operation.
Two months ago Butte started a dollars 325m legal action in the US against a number of parties formerly connected with the company. The action, which covers a two-year period to 1989, alleges fraud and misrepresentation.
The SFO investigation has been welcomed by the company, which says it relates to the matters which are the subject of its own lawsuit.
In addition Butte says its Australian gold mining operations have shown 'encouraging' results, but it is too early for the venture to show a consistent pattern of profits from which a regular dividend could be made.
The shares were unchanged at 2p, valuing the company at pounds 5m.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments