PERTH (miningweekly.com) – The Australian Takeovers Panel has declined to conduct proceedings against ASX-listed Finders Resources, after suitor Eastern Field Developments appealed to the watchdog to investigate the company.
Eastern Field Developments in early March claimed that Finders had not provided its shareholders with the current levels of copper cathode production, actual recovery levels of copper cathode, or levels of working capital.
Eastern Field Developments applied to the Takeovers Panel to force Finders to provide "corrective disclosures", as well as a revised independent expert’s report on the proposed takeover offer made by Eastern Field.
Finders on Tuesday welcomed the Takeover Panel’s decision not to conduct proceedings, with the company again urging shareholders to reject the A$0.23c-a-share takeover offer, which will close on March 23.
Eastern Field Developments, meanwhile, said that it would not increase its offer price.