CDV - Cardinal Resources

[Dona Ferentes]

Engineers & Contractors are a Ghanaian company .... it would seem. Though the fax is sent by the Snapfax App (whatever that is)

There is a bit on the unfolding T/O in the AFR. Now it's fait accompli, it is not important, but the regulator did step in

On the basis that Shandong stated its $1 per share October offer was “best and final in the absence of a higher competing offer”, Russia’s Nordgold matched the $1 per share offer. The rival Chinese and Russian groups already held 11.9 per cent and 27.8 per cent of Cardinal respectively.
However, Cardinal Resources’ shareholders were unhappy the miner was unable to create any competitive tension in the bidding process given Shandong had labelled its $1 offer “best and final” in the absence of better offers.

Cardinal applied to the Takeovers Panel to effectively relieve Shandong from its “best and final” position on the basis the auction had reached an impasse, but on November 17 the panel [ ] rejected the application on the basis that bidders must be held to the principle of “truth”. In other words, no bluffing – if you say something is your last and best bid at an auction, you must be held to it.

This is when an under-the-radar Ghanaian mining company named Engineers and Planners rode, deus ex machina, to the rescue for Cardinal with a dramatic $1.05 per share November 24 takeover bid.

Cardinal argues the third-party bid from the Ghanaians releases the Russian and Chinese bidders from their binds not to increase their bids.

Thrown an escape rope, Shandong increased its bid to $1.05 per share, with Cardinal’s board urging shareholders to accept the Ghanaian-matching bid from its favoured Chinese suitor.
Cardinal also appealed to a Takeovers Review Panel to accept the legitimacy of the latest proceedings, but on 10 December the review panel appears to have upheld the original verdict that bidders are bound by “final bids”, while suggesting the third-party bid released the bidders from their obligations.

Cardinal also says it prefers the Shandong offer as it’s unconditional (unlike the Ghanaian offer), has Foreign Investment Review Board approval and funds raised will help develop its Namdini Project in Ghana.

Russians, Chinese, Ghanaians in 2020′s craziest takeover fight

A wild $600 million takeover battle for WA gold miner Cardinal Resources has kept the Takeovers Panel busy as directors’ share options go deeper in the money.

www.afr.com

 

[System]

On February 9th, 2021, Cardinal Resources Limited (CDV) was removed from the ASX's official list in accordance with Listing Rule 17.14, following despatch of compulsory acquisition notices by Shandong Gold Mining (Hong Kong) Co., Limited.