UCL directors support takeover by JV partner
PERTH (miningweekly.com) – The directors of phosphate hopeful UCL Resources have thrown their weight behind a takeover offer from joint venture (JV) partner Mawarid Mining.
Mawarid on Tuesday launched a cash offer for UCL, offering shareholders 31c for every share held, valuing UCL’s shares on trade at around A$32.1-million. Shareholders looked favourably on the takeover offer, with UCL's share price soaring by 181.8% after the offer.
UCL reported on Wednesday that Marawid now had a relevant interest of more than 50% in the company and added that the takeover target’s major shareholder, Twynam Agricultural Group, which holds a 28.59% share in UCL, had also accepted the offer by selling its shares on-market.
“Given these developments and notwithstanding that the independent expert report is yet to be received, the independent directors recommend that in the absence of a superior proposal, shareholders accept the Marawid offer,” UCL said.
The directors noted in a statement that control of the company had now passed to Mawarid.
The takeover offer was unconditional.
Mawarid became UCL’s JV partner in the Sandpiper marine phosphate project in December last year, after ASX-listed Minemakers sold its 42.5% stake in the project to Mawarid for A$25-million. UCL had itself hoped to gain full control of the project, and had launched a much-contested takeover bid for Minemakers, which failed.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...
VISIT SHOWROOM
EIMS is an independent specialised environmental consulting firm offering the full spectrum of environmental management services across all sectors...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
