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Cape Alumina shareholders take MetroCoal bait

Cape Alumina shareholders take MetroCoal bait

Photo by Bloomberg

27th March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed MetroCoal has acquired a significant stake in Cape Alumina, after shareholders Resource Capital Fund III and Resource Capital Fund IV accepted a takeover offer.

Earlier this month, MetroCoal launched an unconditional cash offer to acquire all Cape Alumina’s shares through an on-market bid, offering Cape Alumina shareholders 0.6c for every share held.

The company was seeking control of Cape Alumina to diversify its asset base and risk profile to provide it with stronger near-term and long-term project pipelines.

Cape Alumina on Thursday confirmed that with the offer being accepted by the two shareholders, MetroCoal’s stake in the company had increased from 6.87% to 46.04%.

Cape Alumina’s board was yet to make a recommendation on the takeover offer, and had advised all remaining shareholders to refrain from taking any action.

Edited by Creamer Media Reporter

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