https://www.miningweekly.com

Alto denies counter offer from new shareholder

16th April 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Takeover target Alto Metals on Thursday confirmed that it was in talks with privately held Adaman Resources around the potential divestment of its Sandstone project, but denied that it had received a competing takeover offer from the company.

Alto was responding to reports that it had received a counter offer from Adaman to the current off-market takeover offer from shareholder Goldsea Australia Mining.

Adaman has recently acquired a 10.3% stake in Alto through on-market purchases.

Alto said on Thursday that it has held conversations with several parties that have indicated an interest in the Sandstone gold project, including Adaman, but that it was not in receipt of any counter proposal to the Goldsea offer capable of presenting to shareholders.

Goldsea in March lodged a bidder’s statement offering 6.5c a share in cash for every Alto share held, and a separate cash offer for Alto options. The Alto board is currently in the process of finalising a target’s statement and has reiterated that shareholders and option holders should not take any action until a recommendation has been made.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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