PERTH (miningweekly.com) – The Australian Takeovers Panel will not institute proceedings against copper developer CuDeco over a September decision to undertake a rights issue.
The initial renounceable rights issue would have been conducted on the basis of one new ordinary share for every two shares held and priced at 60c a share, with the aim of raising some A$83.3-million.
However, the rights issue was not welcomed by shareholders, with a group of 97 shareholders turning to the Takeovers Panel to raise concerns around the potential effect the issue of new shares might have on the control of the company.
At the end of October, CuDeco announced that it had secured a new A$30-million investment from a UK-based institutional investor, which would replace the renounceable rights issue.
The Takeovers Panel this week said CuDeco’s decision to withdraw the rights issue meant that the watchdog would not be conducting proceedings against the copper developer.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
