Atherton tells minor shareholders to 'wait and see'
PERTH (miningweekly.com) – Takeover target Atherton Resources has advised its minor shareholders to hold off on taking any action around a new takeover offer from Auctus Chillagoe until Kagara and Mungana – the company's two largest shareholders – decided whether or not to accept the offer.
Auctus last month announced a new offer to acquire all the shares in Atherton for 20c each through an on-market takeover.
This after it, in July, failed to gain a hold of Atherton, when it initially offered to acquire all the shares in Atherton for 13.5c apiece, but later upped the offer to 17c a share on the condition that it acquired an interest of 70% or more in Atherton.
In its target statement, Atherton said the company’s board had carefully considered the terms of the new offer and, while it was thought to be in the best interests of minority shareholders to hold off on taking any action until Kagara and Mungana, both of which were in liquidation, decided to accept the offer, the minority shareholders were urged to accept the offer if the major shareholders decided to fall in line, and if no superior proposal was forthcoming.
Kagara and Mungana collectively hold a 63.10% shareholding in Atherton.
The current Auctus offer would close on November 2.
Atherton was developing the King Vol zinc mine, in Queensland, where a recent scoping study estimated that some 35 900 t/y of zinc, 840 t/y of copper, 910 t/y of lead and 185 000 oz/y of silver-in-concentrate could be produced at the mine, delivering a net operating pretax average cash flow of A$35-million a year.
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