MC Mining independent board committee advises against proposed Goldway takeover
JSE-, ASX- and Aim-listed MC Mining’s Independent Board Committee (IBC) has advised that shareholders should not accept a takeover offer from Goldway Capital Investment.
Goldway in early February announced an off-market takeover bid for all of the fully paid ordinary shares on issue in the company that the consortium of joint bidders currently do not own for a cash price of A$0.16 apiece.
The IBC says the takeover offer is opportunistic and does not provide an appropriate premium for control. It also does not appear to be value-additive for MC Mining’s assets and projects.
IBC chairperson Khomotso Mosehla explains that shareholders will soon receive Goldway’s formal offer document, called a bidder’s statement, as well as MC Mining’s target statement, which comprises the IBC’s formal response to the takeover offer.
In Goldway’s bidder statement, the parties outline their intention to delist MC Mining from the ASX and the JSE, as well as cancel trading on Aim, following completion of the takeover offer.
Mosehla says the bidder parties together own or control at least 75% of the issued shares in MC Mining. Owing to the minimum acceptance condition of 50.1% of non-associated shareholders, and given that the bidder parties represent in aggregate 64.3% of the issued capital in MC Mining, the bidder parties would require a combined relevant interest in MC Mining of at least 82.19% to secure a takeover and apply to delist the company.
MC Mining’s key projects include the Uitkomst Colliery, the Makhado project, the Vele Colliery and Greater Soutpansberg projects in South Africa.
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