Panoramic rejects Independence offer
PERTH (miningweekly.com) – The directors of takeover target Panoramic Resources have unanimously recommended that shareholders reject a takeover offer from diversified metals miner Independence Group.
Independence is offering one of its own shares for every 13 Panoramic shares held, valuing the takeover target at A$312-million.
Panoramic told shareholders that the offer from Independence was opportunistically timed, making use of the recent strength in the share price of Independence, while also capitalizing on Panoramic’s short-term operational and financial underperformance, and its own share price weakness.
The company warned shareholders that by accepting the Independence offer, they ran the risk of diluting any potential upside from Panoramic’s asset base, as well as its exposure to the nickel market, while also running the risk of missing out on any potential offer from a third party.
Panoramic in November told shareholders that it had provided several parties with access to due diligence to allow for the opportunity of a competing offer.
Panoramic has also pointed out that the company’s largest shareholder Zeta Resources, which owns a 35.16% stake in Panoramic, has said that it would not accept the Independence offer.
The nickel miner is still awaiting the results from an independent expert’s report into the Independence offer, saying that it would update its recommendation once the report has been completed.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...
VISIT SHOWROOM
Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...
VISIT SHOWROOM
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
