CAML ups offer for New World
Copper developer New World Resources has formalised an improved takeover offer from London-listed Central Asia Metals Limited (CAML), signing a second deed of variation to its scheme implementation agreement.
The updated terms lift the cash consideration to A$0.055 a share, up from the original A$0.050-a-share offer made in May.
CAML had increased its bid to A$0.053 a share on Friday, but has now raised the offer further.
The revised offer comes as New World assesses a competing, non-binding proposal from Kinterra Capital, which is offering A$0.057 a share in cash via an off-market takeover bid.
New World described Kinterra’s indicative proposal as incomplete and subject to a number of conditions. “There is no certainty that the indicative proposal will result in a binding transaction,” the company said.
The board, alongside its advisers, is assessing the Kinterra proposal and has advised shareholders to take no action while this review is under way.
The CAML offer also includes a conditional A$10-million funding package to help New World meet earlier-than-expected bonding obligations at its Antler copper project in Arizona, US.
A prefeasibility study for Antler released this year outlines a 12-year mine life and average copper equivalent production of 30 000 t/y between years two and 11. The project has a post-tax net present value of $498-million and an internal rate of return above 30%.
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