Blackham Resources says it believes one-time WA gold king Joseph Gutnick has sold down his interest in the company, after Blackham and its former chairman settled an ugly boardroom stoush last week.
Blackham said this morning it believed Mr Gutnick's privately held Mazil Pty Ltd sold 15.9 million Blackham shares to broking firm BBY, with the share package bound for further distribution to parties seen as friendly to the Blackham board.
If Mr Gutnick sold at today's market price the stake would be worth $2.85 million.
Mr Gutnick stepped down as a director of Blackham last week after settling a running brawl with the remainder of the board over allegations he had failed to make good on investment promises to Blackham through a convertible note deal. Mr Gutnick, in turn, had complained the company had failed to move quickly enough on the development of its Matilda gold project.
The disagreement sparked legal action and duelling board spill motions from the warring camps, with the matter due to come to a head at a Blackham shareholder meeting today.
Instead last week's peace deal saw the spill motions abandoned, with Blackham shareholders today approving other motions put to the meeting to approve Blackham's earlier capital raising initiatives.
Blackham shares closed at 18Â¢ this afternoon, down 1Â¢.