MC Mining Limited, formerly known as Coal of Africa Limited, is navigating through a period of uncertainty as the Consortium’s takeover offer experiences unexpected delays. The company, incorporated and registered in Australia with a significant presence in South Africa, has issued an announcement updating shareholders on the revised non-binding and indicative proposal from Senosi Group Investment Holdings Proprietary Limited and Dendocept Proprietary Limited.
The Consortium, representing shareholders holding a substantial 64.3% of MC Mining’s issued capital, initially presented a revised non-binding and indicative takeover offer to the company. The offer, which triggered a series of announcements from MC Mining, has taken an unexpected turn.
In the company’s announcement made on December 22, 2023, it was anticipated that the Consortium would lodge a Bidder’s Statement in the first week of January 2024. Subsequently, this statement was expected to be mailed to MC Mining shareholders in the last week of January 2024. However, a recent development has thrown a spanner in the works.
On January 23, 2024, the Consortium informed MC Mining that the indicative timetable for the lodgment of the Bidder’s Statement has experienced a delay. The communication did not provide a revised timetable, leaving both MC Mining and the Independent Board Committee (IBC) without a clear indication of when the Bidder’s Statement might be received.
Given the uncertainties surrounding the timing of the Bidder’s Statement, the IBC is unable to provide any further guidance to shareholders. However, it has reissued a strong recommendation to shareholders: TAKE NO ACTION
at this stage. This advice is especially relevant considering that the takeover offer remains non-binding and indicative.The IBC emphasizes that shareholders should withhold any actions until a full review of the Bidder’s Statement, once received, and until the IBC provides a recommendation in the Company’s Target Statement.
While the Consortium acknowledged the delay in the indicative timetable, it has reaffirmed its intention to proceed with the takeover offer. The Consortium, consisting of Senosi Group Investment Holdings Proprietary Limited and Dendocept Proprietary Limited, collectively holds a significant stake in MC Mining.
MC Mining finds itself in a holding pattern as shareholders await the crucial Bidder’s Statement, the delay of which has introduced uncertainty into the anticipated timeline of the Consortium’s takeover offer. The company, with its operations in South Africa, is navigating through this period with caution, and shareholders are advised to exercise patience until further guidance is provided by the Independent Board Committee.
This website uses cookies.
