Andrew Forrest’s Wyloo raids Regis Resources, seeks 15 per cent stake

Andrew Forrest’s Wyloo is seeking a 15 per cent stake in Regis Resources.

The interests of Andrew Forrest have raided the Regis Resources register, buying a stake of up to 15 per cent worth about $168m.

There were 113 million shares being purchased at $1.48 each.

Working on the transaction is investment bank Barrenjoey.

Mr Forrest is seeking a stake of up to 15 per cent through his investment vehicle Wyloo.

The price being paid for the stake is a 13.8 per cent premium to the last traded price of the stock of $1.30.

Wyloo currently owns 4.9 per cent of Regis, and a term sheet sent to investors says if the full amount is not secured, Wyloo will not proceed with the acquisition of shares.

Wyloo has previously acquired a shareholding in Regis as part of its gold investment portfolio and wishes to acquire further shares, which aligns with its investment strategy in this sector, the term sheet said.

Wyloo said it had no current intention to proceed to a takeover offer or change of control.

The move comes at a time that the gold sector is expected to be in favour due to the current Australian gold price and the Australian dollar.