Bentley Capital bids A$2.3m for explorer Marathon
PERTH (miningweekly.com) – The directors of exploration company Marathon Resources have asked shareholders to hold off on taking action on an unconditional on-market takeover offer from Bentley Capital.
Bentley on Friday launched a 2.5c-a-share takeover offer for the issued share capital in Marathon that it did not already own, valuing the junior at A$2.3-million. Bentley currently has a 19.98% shareholding in Marathon, which earlier this year won a A$5-million compensation payout from South Australia after the state banned mining at Arkaroola, where it had explored for uranium.
The minerals explorer told shareholders that the offer price was less than one-half of its current cash backing per share.
Marathon has been using the compensation funds to undertake due diligence on a number of potential new projects in Australia and overseas. It has an option to acquire 75% of the Walparuta copper/gold project, in South Australia, and owns a mineral sands project, also in the same state.
Marathon’s share price increased by more than 36% on news of the possible takeover, trading at a high of A$0.034 a share on Friday.
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