Bushveld extends offer period for Lemur
JOHANNESBURG (miningweekly.com) – Aim-listed Bushveld Minerals, which owns two projects in South Africa, on Thursday extended the offer period for Lemur Resources and declared its offer free from conditions.
Bushveld has now given shareholders of Madagascar-focused coal developer Lemur until August 30 to accept its offer of three Bushveld shares for every five Lemur shares held. The offer was initially set to close on August 9.
ASX-listed Lemur this week formally advised shareholders to reject the offer, which it said was neither fair, nor reasonable.
In its target statement, Lemur raised concern about Bushveld’s cash position of £430 000 and said the owner of the Bushveld iron project and Mokopane tin project’s ability to continue as a going concern was also uncertain.
Lemur stated that Bushveld was seeking a £1.5-million cash injection, without which its intended projects and certain expenditure would have to be curtailed.
The company also pointed out that it had a cash position of $17.06-million in the bank and that it “did not need Bushveld”.
Bushveld stated that it would issue a second supplementary bidder’s statement in response to the Lemur target statement, which would reiterate its stance that its offer represented an “attractive value proposition” for Lemur shareholders.
The company also stressed that its current cash position was not a reason to reject the offer, pointing out that it had managed to raise a further $500 000 through a convertible loan note.
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