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Thursday, April 2, 2020 - 3:57:10 PM
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Mining News Pro - Singapore-based Golden Investments has made an on-market takover offer for all of the shares in Stanmore Coal that it does not already own or control.
Golden Investments has offered to pay Stanmore Coal $US1 ($1.64) cash per share, which is 22 per cent higher than the closing price of $US0.82 ($1.35) per Stanmore Coal share on the ASX as of yesterday.
The company has stated that the offer represents a “compelling opportunity,” given the declining prices of Stanmore Coal’s shares since July 2019 and the potential impact of coronavirus pandemic on the local and global economies.
Golden Investments, which is majority owned by Golden Energy and Resources, is currently Stanmore Coal’s largest shareholder with voting power of 31.35 per cent.
Stanmore Coal operates the Isaac Plains complex in Moranbah town of Queensland, which generates coking coal and thermal coal.
Stanmore Coal can decide to sell some or all of its shares at the offer price immediately and be paid in cash within two trading days after acceptance of the offer.
If Stanmore Coal accepts the offer, Golden Investments, through its broker Petra Capital, will purchase up to 50,316,100 Stanmore Coal shares before April 17, which is the official commencement of the offer period.
Once the offer period commences, Petra will offer to purchase all remaining issued and to be issued Stanmore Coal shares.
The offer period may be extended and the offer price may be increased in accordance with the Corporation Act.
Short Link:
https://www.miningnews.ir/En/News/509387
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