Businessman Joseph Gutnick has reduced his stake in a West Australian gold explorer a week after resolving his stoush with the company's board.
Mr Gutnick was removed as chairman of Blackham Resources in July and became involved in a legal battle over loan agreements with the company.
Blackham also referred Mr Gutnick to the Takeovers Panel, alleging he had not properly disclosed his major interest in Blackham, which is held through a number of companies in which he is a shareholder and director.
The Takeovers Panel recently declined to declare unacceptable circumstances in the matter, but Mr Gutnick then resigned from Blackham's board and withdrew his call for the removal of several other board members.
All other disputes between Blackham and Mr Gutnick and his associated companies were also settled.
Blackham on Tuesday announced one of those associated companies, which is owned by Mr Gutnick and his son, had sold its entire stake in Blackham to new shareholders that share its vision and strategy.
Blackham is working to develop the Matilda gold project in central Western Australia.
"Blackham thanks Mr Gutnick for his contributions to and support of the company over the last 18 months and welcomes to its share register shareholders committed to its strategy and future vision," it said.
Mr Gutnick remains a Blackham shareholder, through his association with two other companies holding about 13 per cent of the gold company's shares.
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