Alliance board backs Quasar’s A$71m Four Mile offer
PERTH (miningweekly.com) – ASX-listed Alliance Resources has accepted a revised takeover offer from its joint venture partner Quasar Resources for its share in the Four Mile uranium project, in South Australia.
Earlier this month, Quasar revised a takeover offer for Alliance’s share in the uranium project from the initial A$57.6-million offered in February to A$71.3-million. Quasar also offered to acquire all of Alliance’s share of the uranium already mined at the project, taking the total consideration to A$73.97-million.
In November last year, Alliance took a decision not to contribute to capital expenditure at the Four Mile mine during 2015, after Quasar passed the project budget without support from Alliance. As a result, Alliance would have no outgoing association with the project until January next year, and its interest in the project would be reduced from 25% to around 15% by the end of this year.
Alliance told shareholders on Tuesday that the board unanimously considered the transaction to be in the best interest of shareholders, and recommended that shareholders approve the transaction.
A shareholders meeting to vote on the transaction would likely be called for late August.
The transaction was also subject to Ministerial consent and the commonwealth Treasurer having no objection to the transfer of the asset.
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