MC Mining Ltd on Friday repeated that shareholders should ‘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.
On Friday, MC Mining said the consortium led by Senosi and Dendocept on Thursday informed its independent board committee that the consortium intends to delay the takeover offer documentation. The bidder is now expected to lodged this document in the first week of January and mail it to MC Mining shareholders in the last week of that month, MC Mining said.
At this stage, MC Mining said the offer remains non-binding and indicative only, pending a review of the latest offer and a recommendation from its committee.
Senosi and Dendocept want to acquire all shares that they currently do not own for a cash price of A$0.16 per share. Their offer is on behalf of shareholders with a 64% stake.
On November 2, the consortium had proposed A$0.20 to A$0.23 per share.
MC Mining shares closed at A$0.14 in Sydney on Friday. They were quoted at 6.50 pence in London and R 1.71 in Johannesburg.
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