PERTH (miningweekly.com) – The remaining shareholders of takeover target Cuesta Coal have until October 4 to accept a takeover offer from shareholder Longluck Investment, or to divest of their shares in the company.
Cuesta and Longluck in July signed a bid implementation agreement, under which Longluck offered to acquire Cuesta shares for a cash consideration of just over 2.4c each.
The offer valued Cuesta at A$18.6-million, and the offer price represented a 69% premium to Cuesta’s one-month volume-weighted average price at the time of the offer.
At the start of the offer, Longluck held a 53.42% shareholding in Cuesta, which has now increased to more than 90%.
Cuesta holds the Moorlands project, in Queensland, which hosts a Joint Ore Reserves Committee-compliant resource of 318-million tonnes, as well as the Eastern Galilee project and the West Emerald project.
Edited by: Creamer Media Reporter
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