ANGEL INVESTOR
There will be an inclination by some to see the offer Chinese capital management group Heaven-Sent has made for the struggling Johannesburg-listed Village Main Reef precious metals mining company to be taken literally as something that has been sent from heaven to assist this junior that has experienced one problem after another. The cash offer of R637-million, or R12.25 a share, is at a generous premium of 46% over the 30-day average price of R8.41. Heaven-Sent has reportedly secured irrevocable support from holders of 35% of the shares of the company that owns the Tau Lekoa gold mine and the Lesego platinum prospect. Rehabilitation of the Buffelsfontein gold mine and preventing collapse at the Cons Murch antimony/gold mine have become increasingly onerous and the relatively deep Lesego will require considerable investment. Heaven-Sent’s purchase of Village is fully funded and all that remains is for the required number of shareholders to give their thumbs up.
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