MC Mining acknowledges Goldway’s plans to buy all outstanding shares
ASX-, JSE- and Aim-listed MC Mining has acknowledged the announcement made on May 22 by investment firm Goldway Capital Investment regarding an offer to compulsorily buy out certain ordinary shares in MC Mining following Goldway's recent off-market takeover offer.
The terms of the buy-out offer mirror those of the initial takeover offer. The consideration for the buy-out offer stands at A$0.16 a share.
As such, Goldway has submitted a 'Notice of right of buy-out to remaining holder of securities following a takeover’ to the Australian Securities and Investments Commission (ASIC).
Eligibility for the buy-out offer is confined to MC Mining shares issued before April 8, the date when the notice of defeating conditions was published for the takeover offer. Shareholders who receive a buy-out notice have until 11:00 South African standard time on June 25 to accept the buy-out offer.
To do so, they must provide written notice to Goldway within one month from the date the buy-out notice is deemed given, forming a binding contract for the sale of their MC Mining shares to Goldway on the same terms as the takeover offer.
Although shareholders are not compelled to accept the buy-out offer, MC Mining warns that there are risks to being a minority shareholder following the take-over offer.
Goldway has also announced plans to eventually delist MC Mining, but has not yet started formal proceedings to do so.
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