MC Mining Ltd said on Wednesday its shareholders should accept an offer from Goldway Capital Investment Ltd, in a dramatic twist that may see the takeover bid end early next week.

The Canberra, Australia-based and South Africa-focused coal mine developer said its independent board committee noted that Goldway had declared the offer ‘unconditional’ on Monday.

Goldway, a consortium including MC Mining’s largest shareholders Senosi Group Investment Holdings and Dendocept, had disclosed a relevant interest in 84% of the issued shares.

MC Mining confirmed that the final offer was 16 Australian cents per share, or 8.33 pence, or R 1.96, valuing the company at nearly R 800.0 million.

In Sydney, MC Mining shares ended flat at A$0.16 on Wednesday. But shares fell 1.5% to 7.95 pence on Wednesday in London, but they were unchanged at R 1.92 each in Johannesburg.

The offer will remain open until April 22, the coal producer said.

MC Mining has consistently urged its shareholders to reject the offer since Goldway first launched its takeover bid in February, on grounds that it undervalues the company.

On Thursday last week, Goldway said the Australian Securities & Investments Commission had extended the close of the offer from Friday to April 19.

MC Mining said on Wednesday its shareholders should accept the offer, given that the offer has now been declared unconditional and control of group will pass to Goldway.

Goldway plans to delist MC Mining, which is listed in Johannesburg, London and Sydney.

‘If shareholders who have not yet accepted the Offer do not accept the offer before the close of the offer, they may, in the event Goldway does not exercise compulsory acquisition rights, become minority shareholders in an unlisted, illiquid company and face difficulty in selling their minority shareholding off-market,’ MC Mining said.

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