Capricorn unimpressed by proposed bid, opens data room to others
PERTH (miningweekly.com) – ASX-listed Capricorn Metals on Tuesday flagged an unsolicited possible takeover offer from a consortium between Emerald Resources and Hawkes Point Holdings.
Capricorn told shareholders that it had received a nonbinding indicative and incomplete letter of intent from the consortium, outlining its intention of acquiring the company at a price of 11c a share, comprising 5.5c in cash and 5.5c in Emerald scrip.
Capricorn has rejected the approach, saying that it undervalued the company and its assets. However, it has told Emerald and Hawkes Point that it remained open to considering a superior proposal.
The junior company will now launch a formal process seeking expressions of interest either in the company as a whole, or in its Karlawinda gold project.
The company said that a number of companies have expressed interest in accessing the data room, with the board intending to reopen the virtual data room on the successful completion of a previously announced entitlement offer to raise some A$10-million.
Capricorn shares traded nearly 16% higher on Tuesday, at a high of 8.6c a share, up from an opening price of 8c a share.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















