Robust Resources targeted for takeover
PERTH (miningweekly.com) – Metals developer Robust Resources has become the target of a A$54.7-million takeover offer from unlisted Stanhill Capital Partners Holdings.
The Hong Kong-based investment group on Tuesday announced that it would offer Robust shareholders 28c in cash for all Robust shares held.
The offer represented a 27% premium to Robust’s closing price on June 30, and a premium of 30% to the one-month volume-weighted average price.
Stanhill said that the offer provided Robust shareholders with an opportunity to realise value for their investment, while removing uncertainty in Robust’s ability to fund and develop its operations, including the Romang Island manganese project, in Indonesia.
The takeover offer would be subject to a number of conditions, including regulatory approvals.
Apart from the Romang Island project, Robust also has a majority shareholding in the Andash copper/gold project, in the Kyrgyz Republic.
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