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Financial|Mining
Financial|Mining
financial|mining

MC Mining receives revised takeover offer for all outstanding shares

MC Mining's Uitkomst Colliery

MC Mining's Uitkomst Colliery

19th December 2023

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

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JSE-, ASX- and Aim-listed emerging developer and producer MC Mining reports that it has received a non-binding and indicative off-market takeover offer to acquire all its outstanding shares by a consortium of its biggest shareholders – Senosi Group Investment Holdings and Dendocept.

This follows a letter issued by the two consortium partners – who currently account for 64.3% of the issued capital in MC Mining – on November 2, proposing an off-market cash takeover offer for all shares in MC Mining.

The latest offer applies to all of the MC Mining shares that the consortium currently does not own, for a cash price of A$0.16 apiece.

MC Mining independent board committee recommends its shareholders take no action pertaining to the latest takeover offer.

Going forward, the MC Mining independent board committee will consider the revised offer and the bidder's statement, once received, and provide a recommendation to MC Mining shareholders in due course.

The committee will evaluate the terms of the proposed takeover, including taking advice from its financial and Australian and South African legal advisors.

MC Mining notes that the independent board committee’s recommendation will be outlined in a target's statement at the appropriate time.

Edited by Creamer Media Reporter

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