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Felix Resources, once owned Way Linggo gold holdings in Indonesia and other assets, thought to have been converted into royalties between 1999 and 2003 (Questions have been raised about this) have once again surfaced. These holdings were once valued at C$300 million and were later of little value due to the slump in the gold price.
This matter has now been raised to Mr Brian Flannery, MD of the company, and hopefully this time the matter will not be ignored.
Further information and very many links to follow.
Bloomberg have mentioned that Arcelor Mittal, known to act with other parties in bids, are interested in coal assets.Felix shares have jumped to $19.50, up $1.91, after advising, through the ASX, it has received interest from several parties.
Interest is preliminary, incomplete, non binding and conditional.
No formal written offer has been received.
Bloomberg have mentioned that Arcelor Mittal, known to act with other parties in bids, are interested in coal assets.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=asEhAwPMAksI
Arcelor Mittal have now been tied in with POSCO and Citic as possible interested parties in bidding for Felix. Confidence does not appear that high at the moment with Felix under $20 a share against a high this year of $23.50.
Former White Mining shareholders have 48.7% of Felix and AMCI 19.2%.
Date: 28/7/2008
Author: Michael Vaughan; Brett Clegg
Source: The Australian Financial Review --- Page: 1/16
Directors of Australian-listed coal mining group Felix Resources have receivedexpressions of interest by larger takeover predators. Some limited due diligencehas been performed by these entities for the $A3.5bn business, which could addto a recent consolidation trend in the sector. Felix forecasts a 200% increasein annual output for its mines in Queensland and New South Wales by 2012, toclose to 16 million tonnes. The board owns about 57% of the issued scrip, withprivate equity investor AMCI also holding a large stake. On 25 July 2008 thestock closed at $A17.59, up $A0.48 for the day
FELIX RESOURCES LIMITED ADVISES IT HAS RECEIVED INTEREST FROM SEVERAL PARTIES
The Board of Felix Resources Limited (“Felix”) advises that several parties have expressed interest in relation to a potential change of control transaction.
At this stage the interest shown by these parties is preliminary, incomplete, non-binding and conditional. No formal written offer has been made to Felix.
The Board has appointed Citigroup Global Markets Australia Pty Ltd and Wilson HTM Corporate Finance Ltd to assist it.
There is, and can be, no assurance that any transaction will be proposed, but the Board undertakes to keep shareholders informed if matters develop.
Hi Julia, Looking at previous deals by Felix over Moolarben it does look as if the major holders are negotiating a behind the scenes deal.Has there been any further comment about potential take-over?
The SP seems to be giving back much of yesterday's gains.
What you say would seem so Julia, but the Felix case is complex indeed.Hi Noirua, well if that's the case, why would you think the SP dropped today?
In the scenario you describe, I'd have thought there would have been an additional rise today?
The Chief Mining Warden, Wardens Court, Muswellbrook, has set a price of $580,323.28 as the purchase price, for which Felix must pay Ulan Coal (90% Xstrata, 10% Mitsubishi) for the tenement covering 20% of Moolarben.
Felix will go ahead with development in August. Equipment orders will now be secured for delivery.
Felix closed at $20.22 +82c on the present bid situation.
Kingrose Mining (KRM) have confirmed, through their MD, that they are aware of the royalties over the Way Linggo Project, in favour of Felix Resources. They seem very much on the ball.Hi m_s et al, I have now sent two emails to Felix MD, Mr Brian Flannery to update him on this past matter that he may not be fully up to speed on.
This "Takeovers Panel" decision in 2003 at 12 tells the position as it stood on these gold and silver royalties (this has been disputed and I hesitate to say that the panel was in error) though the KMPG report was not in full certainty : http://www.takeovers.gov.au/display.asp?ContentID=657
Further information has come to light concerning these holdings that now involve Kingrose Mining. I have sent emails to their "standin" MD, Mr David Hatch: http://www.asx.com.au/asxpdf/20080429/pdf/318tdxnnbnc8s0.pdf
Kingrose Mining (KRM) have confirmed, through their MD, that they are aware of the royalties over the Way Linggo Project, in favour of Felix Resources. They seem very much on the ball.
Felix Resources must now be aware. Having been sent several emails on the subject of Way Linggo, but have not yet confirmed.
Yes, it's the final days of Felix Resources. Any bidders know that it's a straight gamble on the price of coal.Hi Noirua, FLX has been one of the very few superstars of late on the ASX, even in this sort of market, its unbelievable...and you had this stock ever since it started. thx MS
The halt is due to a decision issued on Friday afternoon to both parties in the appeal at the NSW Supeme Court of Appeal concerning the Moolarben Project, NSW: Ulan Coal (Xstrata 90% and Mitsubishi 10%) v The NSW Government and 1st defendendant Moolarben Coal (80% Felix Resources, 10% Sojitz, 10% Korean consortium): http://138.25.65.50/au/cases/nsw/NSWCA/recent.htmlFelix Resources shares have been placed in pre-open and are in "TRADING HALT" pending an announcement.
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