PERTH (miningweekly.com) – The directors of ASX-listed Robust Resources have implored shareholders to take no action regarding an increased takeover bid from Stanhill Capital Partners Holdings, after the firm reported that it had acquired a 19.9% interest in the metals developer.
Earlier this month, Stanhill increased its takeover offer for Robust Resources from 28c a share in cash to 31.5c a share in cash. The higher offer valued Robust at A$61.5-million.
Robust told shareholders on Thursday that it would provide a recommendation on the bid, after receiving and considering the bidders statement.
“Until that time, shareholders should take no action in respect of any documents sent to them by Stanhill,” Robust added.
The company maintained that the bid was opportunistic and made in the face of encouraging drilling results from its Romang Island manganese project, in Indonesia.
Besides the Romang Island project, Robust also has a majority shareholding in the Andash copper/gold project, in the Kyrgyz Republic.
The Kyrgyz assets were the subject of a memorandum of understanding with Aim-listed Mentum, under which the Asia-focused mining development company would acquire Robust’s Kyrgyz assets and be renamed Tengri Resources.
Robust would hold an 87.3% shareholding in Tengri, valued at around A$32-million based on Mentum’s share price on July 15.