PERTH (miningweekly.com) – Coal miner Stanmore Coal has received a 95c a share takeover offer from Golden Investments, a company which is 51% owned by Indonesian coal producer Golden Energy and Resources and 49% held by Ascend Global Investment Fund.
The unsolicited offmarket bid valued Stanmore at around A$240-million and offered a 14.5% premium to Stanmore’s five-day volume weighted average share price on the ASX.
Stanmore on Monday urged shareholders not to take any action, saying that the company’s board would evaluate the offer and provide shareholders with a recommendation in due course.
Golden Energy and Resources said in a statement on the Singapore Stock Exchange that this was an "attractive offer" for Stanmore shareholders, offering a full liquidity opportunity, and providing immediate value to Stanmore shareholders.
Golden Energy and Resources has reportedly also struck a deal with Stanmore’s largest shareholders to acquire its share in the Australian coal miner, giving the joint venture an 19.9% interest in Stanmore.
Stanmore earlier this month increased its production guidance for the 2019 financial year from 1.8-million tonnes to 2-million tonnes, after securing additional long-term port capacity.