CoAL to accept Bushveld’s offer for Lemur
JOHANNESBURG (miningweekly.com) – Three shareholders in Lemur Resources have indicated that they would accept Bushveld Minerals’ takeover offer for the Madagascar-focused coal developer, including significant shareholders Coal of Africa Limited (CoAL), which holds a 16.88% stake.
Aim-listed Bushveld said on Wednesday that the three shareholders, together representing 27.27% of Lemur’s issued shares, would accept its offer of three shares for every five shares held, which Lemur said was “neither fair, nor reasonable”.
Oak Nominees owns 9.35% of Lemur and LA Holdings holds 1.04% of the company.
"We are delighted with this strong sign of support for the offer and derive great encouragement that the offer has been well received by the Lemur shareholders,” commented Bushveld CEO Fortune Mojapelo.
When combined with Bushveld's existing 14.57% relevant interest in Lemur, the company’s interest in the coal developer would swell to about 42% upon acceptance.
“We trust that other Lemur shareholders will take note of this strong support and choose to support the bid as well," Mojapelo said.
Last week, Lemur formally advised shareholders to reject the offer. It also raised concern about Bushveld’s cash position of £430 000 and its ability to continue as a going concern.
Bushveld has extended the offer period for Lemur Resources to August 30, from an initial closing date of August 9.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
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















