Sunbird announces transaction to sell assets to South African consortium
PERTH (miningweekly.com) – South Africa-focused Sunbird Energy has signed a conditional agreement with a South African consortium to divest of its noncash assets for A$8.5-million.
The assets include a 74% interest in the Mopane, Springbok Flats and Springbok Flats West coal-bed methane projects, as well as its 76% interest in the offshore Ibhubesi gas project.
The Ibhubesi gas field, off the Northern Cape coast, is South Africa’s largest undeveloped gas field with about 540-billion cubic feet of gas. National oil company PetroSA is Sunbird’s joint venture partner in the project.
In 2015, Sunbird signed a gas sales agreement term sheet with utilities provider Eskom for the supply of 30-billion cubic feet a year of gas for up to 15 years, with Sunbird at the time describing the agreement as a major step towards the commercialisation of the Ibhubesi gas field.
Sunbird told shareholders on Monday that the conditional agreement with the South African consortium, which consisted of major shareholders and debt holders, included a cash consideration of A$1-million, the buy-back and cancellation of 55-million existing Sunbird shares and the assignment of Sunbird’s A$4.8-million outstanding debt to the purchaser.
The transaction was subject to a number of conditions, including shareholder approval.
A general meeting of Sunbird shareholders would be called in late May.
The transaction with the privately-held consortium comes months after an indicative takeover proposal from Glendal Power and Industries for Sunbird was withdrawn.
Glendal in July last year offered Sunbird shareholders A$0.18 a share for their holding in the company, valuing Sunbird at around A$25-million. The offer was withdrawn in December.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points
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
