https://www.miningweekly.com
Africa|Coal
Africa|Coal
africa|coal

Universal pleads for shareholders to hold fast

20th February 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – South Africa-focused coal miner Universal Coal has maintained its advice that shareholders not take any action in regards to a takeover bid from fellow-listed TerraCom, despite the suitor’s reports that its offer had garnered significant attention.

TerraCom earlier this week reported that acceptances to date, when aggregated with TerraCom’s existing interest in Universal, gave the company an over-51% voting right to Universal shares.

Universal on Thursday said that the bid committee was preparing to launch legal proceedings against the takeover bid, claiming the offer contravened certain principles of the UK City Code on Takeovers and Mergers, and was working with Deloitte Corporate Finance to prepare an independent expert report on the fairness and reasonableness of the unsolicited bid.

The coal miner has, meanwhile, urged shareholders not to take any action around the bid.

TerraCom last week officially launched its 33.5c-a-share offer for each Universal share held, consisting of 10c in cash and 0.6026 new TerraCom shares.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.135 0.172s - 108pq - 2rq
Subscribe Now