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Couple Hold 19.4% Stake in Metalclad

September 12, 2000|Bloomberg News

Metalclad Corp. investors Wayne and Tamara Mills reported that they hold a 19.4% stake in the insulation and asbestos removal company, according to a document filed with the Securities and Exchange Commission.

The husband-and-wife investment team bought 600,000 shares of the Newport Beach company between Aug. 15 and Sept. 6 with prices ranging between $2.43 a share and $4.53 a share, according to the SEC filing.

The Millses, who live in Edina, Minn., acquired the shares for investment purposes, the SEC filing said.

Earlier this month, the newspaper Reforma reported that Mexico might appeal a trade panel's decision ordering it to pay Metalclad $16.7 million for blocking construction of a waste dump.

The local government in the central state of San Luis Potosi refused to allow construction of the dump in 1997, saying it presented a danger to the local population. Metalclad filed for compensation under the North American Free Trade Agreement, citing earlier permission from the Mexican government.

Shares of Metalclad rose 16 cents Monday to close at $2.56 a share on the Nasdaq small-cap market. The shares have fallen about 55% since the beginning of the year.

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