All tagged Eastern Field Developments ASX:FND
Finders Resources (FND: ASX) subsidiary PT Batutua Tembaga Raya has completed the final payment of the senior secured project facility for the Wetar Copper Project. US$21.0 million was outstanding under the Facility at the time of payment. The mandatory hedging under the Facility has also been closed-out and settled. Finders now has no copper hedging.
Eastern Field Developments has released its Seventh Supplementary Bidder’s Statement in relation to its takeover offer for the ordinary shares in Finders Resources (ASX: FND).
Indonesian consortium Eastern Field Developments has set April 5 as the likely deadline for its long-running $181 million cash takeover of Finders Resources (ASX: FND), which has been held up by a lengthy legal process. Eastern Field's decision came after a judgment was handed down in the Federal Court on Friday rejecting a challenge to an earlier Takeovers Panel ruling. As a result of the judgment, Eastern Field will have an option to acquire Taurus Funds Management's 11.3%, cementing its stake of about 97% in the takeover target. Eastern Field is expected to follow up with the compulsory acquisition of remaining minority shareholders, also at the 23c a share bid price. Unless there is an appeal to the Federal Court judgment, Eastern Field will end its takeover offer on April 5.
Eastern Field Developments has extended the deadline for acceptance of its $178 million cash takeover offer for Indonesia-focused copper producer Finders Resources (ASX: FND) until March 23. The bid extension comes as Eastern Field announced today its stake in Finders had increased to 33.8% following a surge of aceptances and on-market buying. Eastern Field is offering 23c cash per Finders share, compared with the target's prevailing share price of 22.7c.