MC Mining Limited, formerly known as Coal of Africa Limited, has advised its shareholders to reject the off-market takeover bid proposed by Goldway Capital Investment Limited. In a formal statement released today, the company’s Independent Board Committee (IBC) recommended shareholders to decline Goldway’s offer of A$0.16 cash per share.
Target’s Statement
MC Mining has issued a comprehensive Target’s Statement outlining its response to Goldway’s takeover bid. The IBC, responsible for assessing the offer, has firmly advised shareholders against accepting the proposal.
Independent Expert’s Report
In addition to the Target’s Statement, MC Mining has commissioned an Independent Expert’s Report. The report, being prepared by BDO Corporate Finance and SRK Consulting, aims to provide shareholders with an unbiased technical evaluation of the offer.
| Company | Contact Information |
|---|---|
| Nominated Adviser | Strand Hanson Limited |
| Broker (AIM) | Tennyson Securities |
| Financial PR (South Africa) | R&A Strategic Communications |
| JSE Sponsor | BSM Sponsors Proprietary Limited |
Offer Duration
Goldway’s takeover bid will remain open until 7:00pm (Sydney time) on April 5, 2024. Shareholders are advised to consider their options carefully within this timeframe.
Conclusion
MC Mining’s stance against Goldway’s takeover bid underscores the company’s commitment to protecting shareholders’ interests. With the support of its shareholders, MC Mining aims to navigate through this period of uncertainty and emerge stronger.
