PERTH (miningweekly.com) – Takeover target Lincoln Minerals on Wednesday urged shareholders not to take any action regarding a takeover offer from fellow-listed Quantum Graphite.
The ASX-listed Quantum Graphite earlier this week lodged a bidder’s statement offering one of its own shares for every 40 Lincoln shares held. The offer implied a value of 1.02c a share for each Lincoln share held, and represented a more than 30% premium to Lincoln’s most recent share price.
Lincoln told shareholders that the company’s board was expected to meet to consider the proposed offer, and would make a subsequent recommendation on the offer.
“The board is united to ensure the interests of all Lincoln Minerals shareholders are protected and that shareholder value is maximized,” the company said in a statement.
Lincoln has been suspended from share trading since September 2020 after the ASX found that its operations were not adequate to warrant the continued quotation of its securities. The company’s securities would remain suspended until it can demonstrate compliance with ASX listing rules.