Bentley to make A$8m cash bid for Strike Resources
JOHANNESBURG (miningweekly.com) – Investment company Bentley Capital said on Tuesday that it intended to make a conditional, off-market takeover bid for Strike Resources, which closed its operations in Peru in April last year.
The company stated that its proposed bid of 5.5c a share in cash was a significant premium to the current trading price of Strike shares and valued the takeover target at about A$8-million.
“The bid provides Strike shareholders with the opportunity to exit their investment for a certain cash value where there is otherwise relatively limited trading liquidity in Strike shares,” Bentley said in a market announcement.
Bentley stated that it was its intention to secure control of Strike and, should it successfully close the bid, to restructure the junior company’s board. The newly constituted board would then examine means to maximise value of Strike’s existing assets. “Such a process may involve a change in strategic direction of the company away from the resources sector,” Bentley stated.
Strike had written down its mining assets to nil and its only other assets comprised cash at call and on deposit.
The transaction would be subject to certain conditions, including Bentley securing a relevant interest of at least 50.1% in Strike.
Responding to the takeover announcement, Strike said that its shareholders should not take any action until its independent directors had given a formal recommendation.
Strike chairperson Malcolm Richmond, Samantha Tough and Matthew Hammond would consider the offer.
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