Zeta swoops on Bligh to combat Saracen’s Bundarra buy
PERTH (miningweekly.com) – The directors of ASX-listed Bligh Resources have urged shareholders not to take any action on a takeover offer from fellow-listed Zeta Resources.
Zeta on Wednesday launched a 3.5c all-cash takeover offer for Bligh, which could derail the A$8.5-million deal that gold miner Saracen Mineral Holdings struck in February to acquire the Bundarra gold project, in Western Australia.
Zeta, which already holds a 19.9% stake in Bligh, has said that the takeover offer provided Bligh shareholders an opportunity to dispose of their interest in the company before its main undertaking was sold to Saracen, after which Bligh shareholders would likely face holding shares in an entity with no material assets and an uncertain future.
Zeta pointed out on Wednesday that the sale price for the Bundarra project to Saracen implied a value of 3.8c a share to Bligh shares; however, the company noted that this was based on the 15-day volume-weighted average price of Saracen shares prior to the execution of a sale agreement.
Based on the company’s last closing price on the ASX on Tuesday, the offer implied a price of about 3.2c a share, which Zeta said was lower than its own offer price.
The Zeta offer is subject to a number of conditions, including the withdrawal of the Bundarra sale offer and Zeta obtaining a relevant interest in Blight of 50%.
The Bligh board told shareholders that the company would evaluate the offer and would provide a recommendation in due course; however, until then, shareholders have been advised not to take any action.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...
VISIT SHOWROOM
The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...
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
