Australia's Tribeca Global Natural Resources falls on credit exposure impairment

Terra Metals

09/06/2020 06:48

** Shares of Tribeca Global Natural  TGF.AX  fall as much as
 10.4% to A$1.12, their biggest intraday percentage decline
since March 23
    ** The investment co decided to impair credit exposure to
Paringa Resources  PNL.AX  after Hartshorne Mining Group and
other U.S. units of Paringa filed a bankruptcy petition at the
U.S. Bankruptcy Court  urn:newsml:reuters.com:*:nASX9mFCFR
    ** Previously, Hartshorne Mining Group secured a loan from
co which it failed to pay 
    ** Impairment will result the co's exposure being written
down by about 80%
    ** The resulting impairment will lower post-tax NTA from an
estimated A$2.01 per share as at May 31 to A$1.71
    ** Stock hits its lowest level since May 14 
    ** Stock down 45.7% YTD 

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))