All tagged Gindalbie Metals
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.
Gindalbie Metals (ASX: GBG) has released its latest corporate presentation to the market, under the banner of its wholly-owned subsidiary Coda Minerals which is focused on the Mt Gunson copper-cobalt project in South Australia.
Gindalbie Metals (ASX: GBG) spent the March quarter finalising a proposal to be acquired by Ansteel, in a transformative agreement that will coincide with the company demerging its wholly-owned subsidiary, Coda Minerals (owner of the highly prospective Mt Gunson copper-cobalt project in South Australia) to Gindalbie shareholders.
Gindalbie Metals (ASX: GBG) has provided an update to shareholders on its proposed transaction with Coda Minerals. The Independent Directors do not believe that Karara will ever produce returns for Gindalbie or Gindalbie shareholders. On the other hand, the transaction announced on 11 March offers cash directly to shareholders, which delivers certainty and immediate value for your Gindalbie shares and removes the ongoing risks and uncertainties associated with Gindalbie and its investment in Karara.
Gindalbie Metals (ASX: GBG) has struck two transformational deals that will see its largest shareholder Ansteel launch a friendly cash takeover bid alongside the proposed demerger of high-growth exploration subsidiary Coda Minerals. Under the terms of the deals announced this morning, Ansteel will offer 2.6¢ cash for every Gindalbie it does not already own – the Chinese group’s stake is 35.7% - at the same time as Gindalbie spins off its subsidiary Coda to shareholders via a pro-rata distribution. The cash offer is a 90% premium to Gindalbie’s 30-day volume weighted average price. The deals will see Gindalbie shareholder exit their long-standing association with the Karara magnetite iron ore project in WA’s Mid West and instead own a small but cashed-up explorer with an interest in the highly prospective Mt Gunson copper-cobalt project in South Australia. Ansteel will end up with 100% ownership of Karara, where it already is the operator and majority shareholder. The deals will require Gindalbie shareholder approvals as well as other conditions to be met.
Gindalbie Metals (ASX: GBG) has announced it has reached its $1.37 million farm-in stage one expenditure commitment on Torrens Mining's Mt Gunson Copper-Cobalt Project. As part of the farm-in agreement, Gindalbie will receive a 25 per cent interest in the Mt Gunson tenement package. The company has also announced that its funding commitment of $2.5 million as part of stage two of the farm-in agreement will be met during the first half of 2019.