Bushveld declares Lemur takeover unconditional
JOHANNESBURG (miningweekly.com) – London-listed Bushveld Minerals on Wednesday declared its off-market takeover offer for ASX-listed Lemur Resources unconditional.
Bushveld, which also extended the closing date of the offer by one month to August 17, had waived the minimum acceptance condition requiring it to receive sufficient acceptances, resulting in the Africa-focused group becoming entitled to proceed with the compulsory acquisition of the remaining shares in Lemur.
Bushveld, which currently held 63.6% of Lemur, planned to delist Lemur from the ASX following the completion of the takeover that would boost its stake to 76.53%, Bushveld Minerals CEO Fortune Mojapelo said in an update to shareholders.
Lemur had accepted the offer of A$0.06 for each ordinary Lemur share, which valued the company at A$10.87-million.
Bushveld was preparing a supplementary bidder's statement to provide further disclosure in relation to the funding of the offer consideration.
Lemur, through its subsidiary Coal Mining Madagascar, held 11 concession blocks in south-west Madagascar, covering the Imaloto coal basin. The company was also acquiring two additional blocks contiguous to its existing holdings.
Bushveld Minerals held a number of vanadium- and titanium-bearing magnetite and tin assets in Southern Africa, including the Bushveld vanadium project and the Mokopane tin project, in Limpopo.
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