Atlantic Lithium Ltd - Sydney-based lithium exploration and development company, with assets in Ghana and Ivory Coast - Rejects non-binding indicative takeover offer from major shareholder Assore International Holdings Ltd, which offered 33 pence, or A$0.63, per share. Adds that Assore made another approach in early October with an identical offer price, which it also rejected. Says both offers ‘undervalued’ Atlantic Lithium. Notes the near-term producer status of its Ewoyaa project on the Cape Coast in southern Ghana, a pending investment from the Ghanaian government’s Minerals Income Investment Fund, and ‘the positive near-term outlook for lithium project developers.’ Company disclosed the offers to ‘cleanse the market’ ahead of a proposed issue of equity interests to MIIF.
Executive Chair Neil Herbert says: ‘Assore...has been a leading investor and key contributor to the company’s success since its listing in London in 2015. We look forward to maintaining our strong relationship with Assore as we progress Ewoyaa towards production.’
Current stock price: 24.97p, up 21% on Wednesday in London
12-month change: down 46%
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