https://www.miningweekly.com

Bushveld extends offer period for Lemur takeover

11th October 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

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.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.043 1.019s - 110pq - 2rq
Subscribe Now