Metalicity turns Nex Metals over to court
PERTH (miningweekly.com) – ASX-listed Metalicity has turned to the Supreme Court of Western Australia in relation to takeover target Nex Metals Exploration’s failure to pay a A$1.28-million cost relating to a joint venture (JV) agreement.
Metalicity said that the company was currently the manager of the JV and was entitled to the amounts owed.
Metalicity is currently offering Nex Metals shareholders 4.81 Metalicity ordinary shares for every Nex Metals share on issue, valuing Nex Metals equity at A$12.8-million based on Metalicity’s closing share price on September 13.
Under Metalicity’s offer, Nex Metals shareholders would own 37.5% of the enlarged entity that would hold a 100% interest in the Kookynie and Yundamindra gold projects, with improved access to capital, and an enhanced balance sheet position.
The Takeovers Panel on Tuesday declined to conduct proceedings based on an application from Nex Metals.
The application raised concerns with the ongoing disclosure in respect to the takeover offer by Metalicity, including lack of disclosure of the implied value of the offer following material changes to the parties’ respective share prices and the completion of an entitlement offer by Metalicity.
While the Panel had concerns with respect to the disclosure provided by Metalicity in connection with the takeover offer, the Panel was satisfied that its concerns were sufficiently addressed by lodgement of a second supplementary bidder’s statement by Metalicity.
The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances. The Panel declined to conduct proceedings.
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