Shareholder consortium makes proposed buyout offer for MC Mining

MC Mining's Uitkomst Colliery

MC Mining's Uitkomst Colliery

2nd November 2023

By: Creamer Media Reporter


Font size: - +

JSE-, ASX- and Aim-listed MC Mining has received a letter from two of its largest shareholders Senosi Group Investment Holdings and Dendocept, acting in a consortium on behalf of shareholders and associates said to hold about 64.5% of MC Mining's shares in issue, proposing an off-market cash takeover offer for all shares in MC Mining.

The proposal letter also states that the consortium has made an application to the Australian Securities & Investments Commission under Section 655A(1) of the Corporations Act, seeking relief from Section 606 of the Act to permit the consortium to enter into a joint bidding agreement for the purposes of undertaking a joint takeover bid for the company.

MC Mining, which owns and operates coal assets in South Africa, notes that the letter referred to a confidential nonbinding indicative offer (NBIO), dated September 5, which set out an indicative cash consideration of between A$0.20 and A$0.23 a share.

Following the receipt of the NBIO, MC Mining had established an independent board committee (IBC) to consider the offer. The committee members are Khomotso MosehlaNhlanhla Nene, Andrew Mifflin and Julian Hoskin.

The committee has been evaluating the indicative terms of the NBIO, including taking advice from its financial and Australian and South African legal advisers.

In the meantime, MC Mining advises shareholders that the consortium has yet to state a definitive offer price for the proposed takeover.

The IBC is, therefore, advising shareholders to take no action at this stage, with further information to be shared as soon as they become available.

MC Mining's share price on the JSE rose by more than 24% on November 2 following the announcement.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online




Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...


Latest Multimedia

sponsored by

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

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
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?







sq:0.319 0.373s - 158pq - 2rq
Subscribe Now