Bushveld extends offer period for Lemur takeover
JOHANNESBURG (miningweekly.com) – Aim-listed Bushveld Minerals has extended the offer period under its takeover bid for ASX-listed Lemur Resources to November 1.
The bid to acquire 104-million ordinary shares, or 54.2% of Lemur, through an offer consideration of three Bushveld shares for every five Lemur shares, was now unconditional.
Earlier this year, the Lemur board described the offer as “neither fair, nor reasonable” and formally advised its shareholders to reject the offer. It also raised concerns about Bushveld’s cash position of £430 000 and its ability to continue as a going concern.
However, in July, three Lemur shareholders, including significant shareholder Coal of Africa Limited, which held a 16.88% stake in the company, indicated that they would accept Bushveld Minerals’ takeover offer for the Madagascar-focused coal developer.
Oak Nominees, which owned 9.35% of Lemur, and LA Holdings, which held 1.04% of the company, also supported the deal.
“We trust that other Lemur shareholders will take note of this strong support and choose to support the bid as well," Bushveld CEO Fortune Mojapelo said at the time.
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