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Regis Resources seek to acquire Capricorn

Mining News - Published on Wed, 26 Sep 2018

Image Source: Australian Mining
Australian Mining reported that gold miner Regis Resources has confirmed its interest in acquiring explorer and developer Capricorn Metals. Regis, responding to media speculation regarding a potential transaction between the two companies, has put forward a confidential, indicative and incomplete proposal to acquire Capricorn. The proposal offers 11.4 cents for each Capricorn share, a 93.2 per cent premium on the target’s 5.9-cent closing price on September 21. Capricorn, which has a market capitalisation of $44.1 million, is advancing its flagship Karlawinda gold project in the Pilbara, Western Australia towards development.

Regis, in an ASX announcement, said it required the recommendation of Capricorn’s board, support of Capricorn’s major shareholders and the execution of a binding implementation agreement before it could announce a binding offer.

Regis said that “While the board of Capricorn has confirmed to Regis that it would unanimously recommend the proposal and significant shareholders Nedlands Nominees and Centrepeak Resources Group have indicated their support, Capricorn’s largest shareholder, Hawke’s Point (with a 18.9 per cent interest), has to date not been prepared to support the proposal.”

It said that “Regis is scheduled to meet representatives of Hawke’s Point in the coming week to determine whether it will be possible to secure Hawke’s Point’s support for the proposal.”

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Posted By : Rabi Wangkhem on Wed, 26 Sep 2018
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