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Goldway Capital Launches Off-Market Takeover Bid for MC Mining Limited Shares

  • Goldway Capital Investment Limited initiated an off-market takeover bid for MC Mining Limited's ordinary shares.
  • The offer includes intentions to delist MC Mining Limited and compulsory acquisition rights above a certain threshold.
  • Shareholders face a critical decision regarding the offer, considering factors like offer price and market conditions.

In recent financial news, Goldway Capital Investment Limited, a Hong Kong-based company, has made waves with its off-market takeover offer for all ordinary shares in MC Mining Limited, previously known as Coal of Africa Limited. This move has significant implications for both companies and the broader financial market, prompting a closer look at the details and potential outcomes of this transaction.

Background of the Off-Market Takeover

Goldway Capital Investment Limited, identified by its company registration number 3294426, has initiated an off-market takeover bid for all ordinary shares in MC Mining Limited (ASX: MCM). This bid comes after a series of supplementary statements and is part of Goldway’s strategic expansion efforts in the mining sector.

Key Players Involved

  1. Goldway Capital Investment Limited: The initiating entity behind the off-market takeover bid, with a focus on acquiring all ordinary shares in MC Mining Limited.
  2. MC Mining Limited: The target company, previously known as Coal of Africa Limited, with a registration number ABN 008 905 388 and listed under ASX code MCM. It operates in the mining sector with a specific focus on coal resources.

Offer Details

Goldway Capital Investment Limited is offering A$0.16 cash per MCM Share as part of its off-market takeover bid. This offer price has been deemed final and will not be increased in the absence of a competing proposal, setting a clear benchmark for potential shareholders’ decisions.

Rationale Behind the Offer

  1. Delisting Intentions: Goldway’s bid includes intentions to delist MC Mining Limited, which has been outlined in previous bidder’s statements. This strategic move could have long-term implications for the company’s market presence and operational focus.
  2. Compulsory Acquisition: If Goldway acquires 91.08% or more of the MCM Shares, it reserves the right to exercise compulsory acquisition of all remaining shares. This provision adds a layer of certainty to the offer dynamics.
  3. Liquidity Concerns: The limited liquidity in trading MCM Shares on ASX, AIM, and JSE has been highlighted as a factor driving shareholders to consider the offer seriously. This aspect reflects market conditions and investor sentiment towards MC Mining Limited.

Timetable and Acceptance Process

The Offer Period for Goldway’s bid will close on Monday, 22 April 2024. Shareholders are required to complete and sign the Acceptance Form accompanying the Original Bidder’s Statement and return it before the deadline to accept the offer officially.

On-Market Purchases and Market Integrity

Goldway reserves the right to acquire MCM Shares on-market at or below A$0.16 per Share during the bid period, in compliance with ASIC Market Integrity Rules and the Corporations Act. This provision ensures transparency and fair market practices throughout the takeover process.

Consents and Approvals

The Sixth Supplementary Bidder’s Statement, issued by Goldway Capital Investment Limited, includes statements based on documents lodged with ASIC or given to ASX. Parties making these statements have not consented to their inclusion, highlighting the legal nuances surrounding such announcements.

Analysis of Potential Impacts

  1. Shareholder Perspectives: Shareholders of MC Mining Limited face a crucial decision regarding the offer. Factors such as the offer price, Goldway’s intentions, and market conditions will influence their acceptance or rejection of the bid.
  2. Market Dynamics: The off-market takeover bid reflects ongoing trends in the mining sector, including strategic acquisitions and consolidation efforts. It also sheds light on investor appetite for such transactions in current economic conditions.
  3. Regulatory Compliance: The bid’s compliance with ASIC regulations and the Corporations Act underscores the importance of legal frameworks in facilitating transparent and orderly market transactions.


Goldway Capital Investment Limited’s off-market takeover offer for all ordinary shares in MC Mining Limited marks a significant development in the financial landscape. With detailed offer terms, strategic considerations, and regulatory compliance, this transaction exemplifies the complexities and opportunities inherent in the finance and business sectors. Shareholders, industry analysts, and regulatory authorities are closely monitoring the outcomes of this bid, anticipating its potential impacts on stakeholders and market dynamics moving forward.



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