JOHANNESBURG (miningweekly.com) – ASX- and JSE-listed Firestone Energy on Monday again urged its shareholders to “take no action” until a formal recommendation on the proposed takeover bid from ASX-listed Range River Gold was tabled by the junior miner.
In December, Range River offered Firestone shareholders one of its own shares for every two Firestone shares held in an unsolicited, conditional, off-market takeover.
The offer represented a 25% premium on the $0.008 a share as at closing on December 13, 2012.
At the time, Firestone said the deal would see Range River and the junior miner’s partner Sekoko holding 70% and 30% respectively of the Waterberg coal project, which would result in a structure that was easier and simpler to control and finance.
Firestone said it was examining the bidder’s statement and would respond with a formal recommendation to shareholders in due course.
The offer was subject to a minimum acceptance condition of 50.1%.