MC Mining Limited, previously known as Coal of Africa Limited, has issued an announcement regarding the anticipated timeline for a revised non-binding and indicative takeover offer from the Senosi Group Investment Holdings Proprietary Limited and Dendocept Proprietary Limited Consortium.
The Consortium, representing 64.3% of MC Mining’s issued capital, has presented a revised non-binding and indicative takeover offer. This development follows the Company’s previous announcements about the offer.
Initially, the Consortium indicated that a Bidder’s Statement would be lodged in the first week of January 2024 and mailed to MC Mining shareholders in the last week of January 2024. However, as of 23 January 2024, the Consortium informed the company of a delay in the previous indicative timetable for the lodgement of the Bidder’s Statement. Notably, a revised timetable was not provided.
As of the announcement date, neither MC Mining nor the Independent Board Committee (IBC) can offer additional guidance on when the Bidder’s Statement is expected to be received. This lack of clarity raises questions about the future timeline of the takeover process.
The IBC reiterates its recommendation that MC Mining shareholders TAKE NO ACTION at this stage. The Consortium’s takeover offer remains non-binding and indicative. Shareholders are advised to await a full review of the Bidder’s Statement, upon its receipt, and a subsequent recommendation from the IBC. This recommendation will be included in the Company’s Target Statement.
As of the date of the announcement, Senosi Group Investment Holdings Proprietary Limited holds 23.4%, and Dendocept Proprietary Limited holds 6.9% of the current issued capital of MC Mining.
Table 1: Shareholding Information
| Shareholder | Percentage of Issued Capital |
|---|---|
| Senosi Group Investment Holdings Proprietary Limited | 23.4% |
| Dendocept Proprietary Limited | 6.9% |
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