Ian Gandel, the scion of well known property mogul John Gandel, may be about to feel the blowtorch at one of the mining hopefuls he is on the board of, Alliance Resources.
Just because Gandel has a 25 per cent stake in the minnow doesn't mean well-known investor activist Gabriel Radzyminski can't shake the tree and get his way.
Via Sandon Capital, Gaby has snapped up a 5 per cent stake in Alliance, who's most notable asset is cash. It has 5.9¢ a share in cash sitting on the balance sheet, which is well north of the share price of 4.4¢; hence the attraction. Alliance sold a mine last year and has already given shareholders a handy 12¢ a share payout, and your columnist reckons there might be more on the way if Sandon gets its way.
