All tagged Gindalbie Metals
Gindalbie Metals (ASX: GBG) announces that a copy of the orders of the Federal Court of Australia approving the acquisition and demerger schemes of arrangements have been lodged with the Australian Securities and Investments Commission.
Gindalbie Metals (ASX:GBG) announces that the Federal Court of Australia has today made orders approving the company’s acquisition and demerger schemes.
Gindalbie Metals (ASX: GBG) has become aware of an article on page 28 of The Australian Newspaper today which asserts “the extension of an offer, made to Sandon last week, allowing Gindalbie holders who wanted cash rather than a share in the future of the Mount Gunson project to take that option”. This report is incorrect.
Gindalbie Metals (ASX: GBG) is pleased to announce that the Demerger Scheme, Acquisition Scheme and Capital Restructure were all passed by requisite shareholders and votes at the various meetings held today.
Gindalbie Metals (ASX: GBG) has received a request from a shareholder, Sandon Capital Pty Ltd, to consider potential liquidity options for Coda Minerals shares following implementation of the transaction with Ansteel. The Coda board will explore potential liquidity options for the unlisted Coda shares.
Gindalbie Metals (ASX: GBG) says takeover suitor Ansteel had confirmed its 2.6c cash per share bid was final, ahead of a shareholder vote next Wednesday. Ansteel said: "The current transaction is the only structure that can be achieved under Ansteel’s regulatory approval conditions. Therefore, the current proposal is final.” Although Gindalbie has received overwhelmingly positive feedback from shareholders since the transaction was announced in March, small pockets of investors have criticised the bid. In addition to the 2.6c cash per share payment, Gindalbie shareholders will receive a pro-rata share in spin-off company Coda Minerals. Coda, which will seek to list on the ASX this year, will focus on the Mt Gunson copper-cobalt project in South Australia.
Gindalbie Metals (ASX: GBG) has appointed Argonaut as financial adviser to the Company and its wholly-owned subsidiary, Coda Minerals.
Gindalbie Metals (ASX: GBG) has set an exploration target of between 43-71.6 million tonnes at copper-equivalent grades of between 0.53% and 2.3% for the Emmie Bluff prospect, part of its Mt Gunson project in South Australia. Gindalbie, which intends to spin off the Coda Minerals subsidiary that holds the Mt Gunson project to existing shareholders, said two exploration programs for Emmie Bluff were in advanced planning. One of the programs would include 28 diamond drill holes for 12,000m. A 2D seismic survey is also planned. Subject to Gindalbie shareholder approval, Coda will next month become an independent unlisted company, with about $7m cash, no debt and rights to 75% of the exciting Mt Gunson project. The Coda demerger is part of a broader transaction that will see the rest of Gindalbie acquired by Ansteel, for 2.6c cash per Gindalbie share. Gindalbie shareholders will vote on the Ansteel acquisition and the concurrent Coda demerger at scheme meetings on 3 July.
Gindalbie Metals (ASX: GBG) has received confirmation from Angang Group Hong Kong (“Ansteel”) that the necessary record‐filing notices have been received from the National Development and Reform Commission and the Ministry of Commerce of the People's Republic of China in respect of the proposed acquisition by Ansteel of all of the ordinary shares in Gindalbie that it does not already own.
Gindalbie Metals has urged shareholders to vote in favour of a cash takeover by Ansteel and the demerger of Gindalbie’s copper-cobalt exploration subsidiary, Coda Minerals. Under the terms of the Ansteel takeover, Gindalbie shareholders will receive 2.6¢ cash per share. In addition, Gindalbie shareholders will receive one Coda share for every 45 Gindalbie shares that they hold. Gindalbie chairman Keith Jones said the takeover would allow shareholders to end their exposure to the unprofitable and heavily indebted Karara iron ore project in WA’s Mid West region, by effectively offloading Gindalbie’s 48% stake in the loss-making project to Ansteel, and focus on new and highly prospective mining opportunities such as Coda.