MC Mining Ltd on Monday recommended its shareholders to ‘take no action’ over the revised ‘non-binding and indicative off-market’ takeover offer from Senosi Group Investment Holdings Pty Ltd and Dendocept Pty Ltd.
The Western Australia-based coal miner in South Africa owns Uitkomst Colliery, an operating metallurgical and thermal coal mine, and Makhado project, an exploration and evaluation asset.
Senosi and Dendocept, which represents a consortium, intends to acquire all shares that they currently do not own for a cash price of 16 Australian dollar cents per share. Their offer is on behalf of shareholders and associates stated to represent, in aggregate, 64% of the issued capital in the company.
On the Australian Securities Exchange in Sydney, shares closed at 14 Australian dollar cents on Monday. In London, they rose 3.5% to 7.50 pence, while they were flat at R 1.69 in Johannesburg.
On November 2, the consortium offered 20 to 23 Australian dollar cents per share.
On Monday, MC Mining said its independent board committee had recommended that shareholders ‘TAKE NO ACTION’ regarding the revised offer.
The committee will consider the revised offer and the bidder’s statement, when received, and provide a recommendation to shareholders in due course.
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