Robust tells shareholders to take no action on Stanhill offer
PERTH (miningweekly.com) – The directors of ASX-listed Robust Resources have implored shareholders to take no action regarding an increased takeover bid from Stanhill Capital Partners Holdings, after the firm reported that it had acquired a 19.9% interest in the metals developer.
Earlier this month, Stanhill increased its takeover offer for Robust Resources from 28c a share in cash to 31.5c a share in cash. The higher offer valued Robust at A$61.5-million.
Robust told shareholders on Thursday that it would provide a recommendation on the bid, after receiving and considering the bidders statement.
“Until that time, shareholders should take no action in respect of any documents sent to them by Stanhill,” Robust added.
The company maintained that the bid was opportunistic and made in the face of encouraging drilling results from its Romang Island manganese project, in Indonesia.
Besides the Romang Island project, Robust also has a majority shareholding in the Andash copper/gold project, in the Kyrgyz Republic.
The Kyrgyz assets were the subject of a memorandum of understanding with Aim-listed Mentum, under which the Asia-focused mining development company would acquire Robust’s Kyrgyz assets and be renamed Tengri Resources.
Robust would hold an 87.3% shareholding in Tengri, valued at around A$32-million based on Mentum’s share price on July 15.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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