https://www.miningweekly.com

Gindalbie/Ansteel deal gets FIRB backing

24th April 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – The Foreign Investment Review Board has approved Hong Kong-based Ansteel’s takeover of ASX-listed Gindalbie Metals.

Gindalbie in March announced a 2.6c a share takeover offer from Ansteel, which currently holds a 35.71% interest in Gindalbie and is a 52.16% shareholder in the Karara project.

The offer represented a 90% premium to Gindalbie’s 30-day volume weighted average share price.

The transactions remain subject to a number of conditions, including the approval of Gindalbie shareholders, the receipt of certain Chinese regulatory approvals and the approval of the Court, and an independent expert’s report concluding that the acquisition is in the best interests of Gindalbie shareholders.

The takeover offer was announced simultaneously with Gindalbie’s plans to demerge its subsidiary Coda Minerals, which holds the rights to a significant and strategic portfolio of tenements in South Australia.

Under the demerger, Gindalbie shareholders will receive a pro-rata distribution of Coda shares for every Gindalbie share held.

Following the demerger, Coda will hold the Mt Gunson assets and A$10.64-million in cash.

Edited by Creamer Media Reporter

Comments

Showroom

Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

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:0.21 0.251s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: