Yahoo Finance $85 million wiped off from mining tycoon Nathan Tinkler's fortune
Mining billionaire Nathan Tinkler has lost approximately $85 million on Friday after Whitehaven stock fell off the back of the mining tycoon pulling out of his takeover bid, Fairfax has reported.
Most of his assets are heavily geared and the value of his 21.4 per cent holding in Whitehaven - which accounts for the bulk of his fortune - is now worth $655 million. In April the same shares were worth $1.18 billion.
Mr Tinkler was among the 35 richest people in Australia with wealth of $915 million, according to BRW magazine this year.
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Tinkler says he remains committed to his vast sporting interests in Newcastle, despite pulling out of his takeover bid.
Whitehaven has told the stock exchange the group led by Mr Tinkler would not proceed with its non-binding $5.20 per share offer to privatise the company.
The 36-year-old former electrician made the approach in July, and had until yesterday to complete due diligence.
Whitehaven is one of Australia's last remaining independent coal companies and Mr Tinkler already holds a 21.4 per cent stake in it.
Live stock report: Whitehaven Coal
A spokesman for the billionaire says the Whitehaven matter and a mass sell-off of Mr Tinkler's horses from his thoroughbred business have no bearing on his unwavering commitment to the Newcastle Knights Rugby League team and the Newcastle Jets A League soccer team.
The spokesman says both clubs had heavy debt levels when the Tinkler Group acquired them and considerable funds have been invested to help them succeed.
In April, Mr Tinkler announced he wanted to pull the plug on his involvement with the Jets before reaching an agreement with the FFA to continue his licence.
