Havilah shareholders reject Gupta play

The shareholders of ASX-listed Havilah Resources on Thursday rejected a A$100-million funding deal with Sanjeev Gupta’s GFG Alliance.

The funding would have been provided through a series of equity placements in Havilah, at a premium of up to 35%, over a three-year period, potentially providing GFG with a 51% stake in Havilah, if all the equity placements are made.