(Jan 23): Singapore’s Golden Investments said on Wednesday that it will seek a board position at Australia’s Stanmore Coal as its biggest shareholder, despite the failure of a A$240 million ($232.8 million) takeover bid.

See: Golden Energy and Resources JV makes $202 mil takeover bid for ASX-listed Stanmore Coal

Golden Investments, which bought a 19.9% stake in Stanmore Coal in November and launched a full takeover bid at A$0.95 a share, said it held 25.5% of the Australian firm following the closure of its bid on Tuesday.

The company, majority owned by Golden Energy and Resources, was attracted by Stanmore’s Australian jurisdiction, high grade coking coal deposits and existing infrastructure, but its bid fell well short of an independent expert’s valuation.

“Their offer was just too low,” said Matthew Keane of broker Argonaut Securities in Perth.

Stanmore Coal operates the Isaac Plains complex, which produces semi-soft coking coal and thermal coal. It has several extension projects with higher quality coal, as well as a portfolio of other greenfield coking and thermal coal assets.

The independent expert valued the company at A$1.48 to A$1.90 a share. The shares were trading at A$0.96 on Wednesday afternoon.

“We look forward to meeting soon with the Chairman and Board of Stanmore Coal and will seek board representation,” Golden Investments director Mark Zhou said in a statement.

Golden Investments, which had lined up financial backing from Credit Suisse, is 51% owned by resources investor Golden Energy and Resources, which is in turn majority owned by Indonesia’s Sinar Mas Group.