Regis abandons plans for Capricorn takeover
PERTH (miningweekly.com) – Gold miner Regis Resources has terminated takeover discussions with fellow-listed Capricorn Metals, after that company’s largest shareholder said that it would not support the deal.
Regis earlier this month put forward a confidential, indicative and incomplete proposal to acquire gold developer Capricorn for a price of 11.4 c a share, to be paid in Regis shares.
The binding offer, which was a premium of 93.2% to Capricorn’s closing price on September 21, would only be made once Regis acquired the recommendation of the Capricorn board, and the support of the company’s major shareholders.
Regis on Monday said that the Capricorn board had confirmed that it would unanimously recommend the proposal, while shareholders Nedlands Nominees and Centerpeak Resources have also indicated their intentions to support the offer.
However, Capricorn’s largest shareholder Hawke’s Point, which holds an 18.9% shareholding in Capricorn, has said that it would not support the deal, prompting Regis to withdraw its proposal and cease discussions with both Capricorn and Hawke’s Point.
Capricorn on Monday expressed its disappointment in the turn of events, with the company telling shareholders that it will engage with Hawke’s Point to seek clarity on its intentions in relation to its investment in Capricorn.
Capricorn said that the Regis proposal endorsed the company’s own views in relation to the quality and potential of Capricorn’s flagship 100%-owned Karlawinda gold project in the Pilbara.
Pre-development activities at Karlawinda are continuing to progress following the release of the feasibility optimisation study in June, with all key permits subsequently being secured, the formal tender process for selection of a mining contractor finalised and a short-list of project finance banks expected in October.
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