PERTH (miningweekly.com) – The directors of Indo Mines have urged shareholders to accept a takeover offer from PT Surya Langgeng, after the suitor announced its intention to delist the company from the ASX.
The wholly owned subsidiary of PT Rajawali Corpora was offering Indo Mines shareholders 2c a share for their interest in the ASX-listed company, and to date has garnered a 75.42% shareholding in the takeover target.
Indo Mines told shareholders on Thursday that should a delisting occur, it would mean Indo Mines shareholders would no longer be able to buy or sell their shares on the ASX, which would further reduce the already illiquid market in the company’s shares.
The takeover offer is scheduled to close on April 6.
Indo Mines holds a 70% interest in the Jogjakarta iron project, in Indonesia, which has a probable ore reserve of 163.5-million tonnes, grading 13.7% iron.