https://www.miningweekly.com

Shareholder makes a play for Stanmore

2nd April 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Coal miner Stanmore Coal on Thursday urged shareholders not to take any action in relation to an on-market takeover offer from shareholder Golden Investment.

Golden Investment has launched a takeover bid for Stanmore, offering shareholders A$1 in cash for every share held.

ASX-listed Petra Capital, which is acting on behalf of Golden Investments, on Thursday said that it would purchase up to a maximum of 50.31-million Stanmore shares on-market at the offer price, prior to the start of the offer period on April 17.

The offer period will end on May 18, unless extended or withdrawn.

The on-market offer represented a 22% premium to Stanmore’s last closing price and a 27.3% premium to the company’s 30-day volume weighted average share price to April 1.

Stanmore told shareholders that the company would provide a recommendation on the takeover offer in due course, and advised that shareholders who immediately accepted the offer would be unable to participate in any subsequent increases in the offer price.

Golden Investments currently holds a 31.35% interest in Stanmore, with Stanmore having more than 256-million shares.

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