PERTH (miningweekly.com) – ASX-listed junior Lemur Resources has received an off-market takeover bid from Aim-listed Bushveld Minerals, valuing the company at A$10.87-million.
South Africa-focused Bushveld Minerals is offering Lemur shareholders 6c in cash for every share held. The offer represents a 3.45% premium to Lemur’s closing price on May 19, and a 7.52% premium to the company’s 30-day volume-weighted average price.
Bushveld said on Thursday that certain Lemur shareholders, which jointly control about a 10% interest in the company, have already agreed to accept the offer within ten business days of the start of the offer period, and in the absence of a superior offer.
Lemur, through its subsidiary Coal Mining Madagascar, holds 11 concession blocks in south-west Madagascar, covering the Imaloto coal basin. The company was also in the process of acquiring two additional blocks contiguous to its existing holdings.
Bushveld Minerals holds a number of vanadium- and titanium-bearing magnetite and tin assets in Southern Africa, including the Bushveld vanadium project, and the Mokopane tin project, in Limpopo.
Bushveld currently has a 63.6% shareholding in Lemur, and said on Thursday that following the successful completion of the takeover offer, the company intended to remove Lemur from the ASX.
Lemur, which shares two of its directors with Bushveld, had told shareholders that it would consider and respond to the offer in due course.