More pressure on Tinkler 

QUEENSLAND coal explorer Blackwood Corporation turned up the heat on Nathan Tinkler yesterday, seeking to appoint liquidators to one of the former billionaire’s companies in a bid to recover $28.4million.

Speculation has been mounting for weeks over a failed share placement, with Blackwood announcing yesterday it had applied to a court to wind up Mr Tinkler’s Mulsanne Resources.

In July, Blackwood granted Mulsanne more than 94million shares, or about a one-third stake in the group, worth $28.4million.

Mr Tinkler, who pulled his ambitious $5.3billion bid for Whitehaven Coal, has failed to make the payment.

Blackwood was raising funds for drilling its coal tenements in Queensland.

‘‘The Blackwood board continues to investigate and consider its options regarding the recovery of the amounts outstanding,’’ the group said in a statement  yesterday.

‘‘Blackwood will keep the market updated on further developments.’’

In August, Blackwood extended the deadline for Mulsanne to pay for its 33.85per cent share placement, but the deal has still not been finalised.

Mr Tinkler’s business empire has come under increasing pressure since the failure of the  Whitehaven privatisation bid last month.

He has a 21.4per cent stake in Whitehaven  worth about $626million on paper, although analysts believe a significant portion was paid for with debt.

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