Bens Creek Group PLC (AIM:BEN, OTC:BENCF) said it had noted the jump in its share price yesterday and confirmed that majority shareholder MBU Capital is in talks to sell a large part of its holding.
MBU currently owns 53.7% of the coal miner and is in advanced discussions to reduce this through a sale at 18p a share that will see an unnamed international commodity trading business take a 29.9% stake, Bens Creek said in a statement.
Bens Creek is not a party to the proposed transaction, it added, nor is it not aware of any commercial or operational reason for the share price movement.
AIM-listed Bens Creek runs a metallurgical coal mine in West Virginia.
Shares yesterday rose to 19p from 16.8p at the open.