MC Mining Ltd on Wednesday said a consortium that initially made a ‘non-binding and indicative off-market’ takeover bid in November had delayed its offer.
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.
The company on Wednesday stressed that its shareholders should ‘take no action’ on the revised offer, which was first made by Senosi Group Investment Holdings Pty Ltd and Dendocept Pty Ltd early in November.
Late in December, Senosi and Dendocept indicated that they intended to acquire all shares that they do not own for a cash price of A$0.16 per share. Their offer is on behalf of shareholders with a 64% stake.
The consortium had proposed A$0.20 to A$0.23 per share on November 2.
On Wednesday, MC Mining said the consortium had planned to lodge the takeover offer documentation in the first week of January and mail it to MC Mining shareholders in the last week of this month.
It said the consortium had informed in on Tuesday that this document, called the bidder’s statement, had been delayed.
The consortium did not provide a revised timetable, but did reconfirm its intention to make a takeover offer, the company said.
MC Mining shares were flat at 7.0 pence in London on Wednesday at around midday, and they were also unchanged at R 1.75 in Johannesburg.
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