Finders says shareholders are rejecting Eastern Field offer
JOHANNESBURG (miningweekly.com) – Takeover target Finders Resources said on Thursday that Eastern Field Developments has not yet received a single acceptance of its A$0.23-a-share offer for the company, despite the bid having been open for 22 days.
“The overwhelming support from shareholders is an emphatic rejection of Eastern Field’s bid,” said Finders chairperson Gary Comb, adding that the company believed the offer did not reflect the fair value of Finders, which owns the Wetar copper mine, in Indonesia.
On Wednesday, Eastern Field extended its offer period by 30 days to January 19 and waived the 50% minimum acceptance condition. The consortium of Indonesian companies also criticised Finders' target statement and accused the company of misleading shareholders about production prospects at the Wetar operation.
Comb said that Eastern Field’s decision to waive the minimum acceptance condition illustrated the “opportunistic nature” of the offer. “Eastern Fields is attempting to acquire any Finders shares that it can at the inadequate offer price.”
He again urged shareholders not to accept the offer, noting that they might be deprived of the opportunity to receive greater value for their shares from an alternative proposal or by selling on the ASX.
Finders shareholders who in aggregate represent 37.58% of Finders shares have come out in support of the company and have said that they do not intend to accept the offer.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
