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The big Mc.
MCM - MC Mining
- Thread starter shares
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- coal of africa cza mc mining mcm
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The bigger Mc.
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A bigger bigger Mc paused for trading.
Sean K
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Didn't expect a CR on that back of that BO. Perhaps it was orchestrated to get a higher price to prevent too much dilution?
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Was a consideration for the yearly comp. But, didn't.
Dona Ferentes
A little bit OC⚡DC
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No, not that Vulcan. I did a double take. Whaaat?
ANNOUNCEMENT 11 March 2024
RECEIPT OF NON-BINDING INDICATIVE OFFER OF BETWEEN A$0.17c AND A$0.20c FROM VULCAN RESOURCES
MC Mining Limited (MCM or the Company) confirms that it is in receipt of a letter (Proposal Letter) from Vulcan Resources, a private Indian company and subsidiary of Vulcan International (Vulcan).
Vulcan is the operator of the Moatize Coal Mine, the largest operating steelmaking coking coal mine in Mozambique and Africa.
The Proposal Letter outlines Vulcan’s non-binding proposal to make an off-market cash takeover offer for all the shares in the Company at an indicative price of between A$0.17 and A$0.20 cents per share valuing the Company’s equity at between A$69.34 million and A$81.58 million (Proposal).
ANNOUNCEMENT 11 March 2024
RECEIPT OF NON-BINDING INDICATIVE OFFER OF BETWEEN A$0.17c AND A$0.20c FROM VULCAN RESOURCES
MC Mining Limited (MCM or the Company) confirms that it is in receipt of a letter (Proposal Letter) from Vulcan Resources, a private Indian company and subsidiary of Vulcan International (Vulcan).
Vulcan is the operator of the Moatize Coal Mine, the largest operating steelmaking coking coal mine in Mozambique and Africa.
The Proposal Letter outlines Vulcan’s non-binding proposal to make an off-market cash takeover offer for all the shares in the Company at an indicative price of between A$0.17 and A$0.20 cents per share valuing the Company’s equity at between A$69.34 million and A$81.58 million (Proposal).
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Dona Ferentes
A little bit OC⚡DC
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was 4c b4 TH, up to 21c after
1. No, the Company is not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in the Company’s shares.
2. N/A.
3. No, although, and given the relative illiquidity of the market for its shares, the Company considers it possible that any sale transaction executed on ASX “at market” (i.e. rather than “at limit”) may have had a disproportionate impact on its share price.
Separately, the Company refers to its ASX announcement dated 28 August 2024 disclosing that the Company and Hong Kong Stock Exchange main board listed Kinetic Development Group Limited (KDG) have executed a share subscription agreement. Under the Subscription Agreement, the Company has agreed to issue, and KDG has agreed to subscribe for new shares in the Company by way of a two-tranche placement on completion of which KDG will acquire 51% of MC Mining’s issued and outstanding share capital for a total of US$90 million.
The Company is confident that the trading in its shares during the period referred to in the ASX Price Query does not indicate a loss of confidentiality with regard to the matters the subject of the Subscription Agreement because
(a) the share price has declined precipitously and
(b) the Company regards the matters the subject of the Subscription Agreement to be highly positive to the prospects of the Company and in turn to the price or value of its securities. Please see a copy of the above referred ASX announcement, a copy of which accompanies this letter, for further detail.
In the circumstances, the Company considers the recent decline in the price of its shares on ASX at the same time as the Company has been negotiating an equity injection from KDG to be purely coincidental.
4. The Company confirms that it is in compliance with the Listing Rules and, in particular, with Listing Rule 3.1.
1. No, the Company is not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in the Company’s shares.
2. N/A.
3. No, although, and given the relative illiquidity of the market for its shares, the Company considers it possible that any sale transaction executed on ASX “at market” (i.e. rather than “at limit”) may have had a disproportionate impact on its share price.
Separately, the Company refers to its ASX announcement dated 28 August 2024 disclosing that the Company and Hong Kong Stock Exchange main board listed Kinetic Development Group Limited (KDG) have executed a share subscription agreement. Under the Subscription Agreement, the Company has agreed to issue, and KDG has agreed to subscribe for new shares in the Company by way of a two-tranche placement on completion of which KDG will acquire 51% of MC Mining’s issued and outstanding share capital for a total of US$90 million.
The Company is confident that the trading in its shares during the period referred to in the ASX Price Query does not indicate a loss of confidentiality with regard to the matters the subject of the Subscription Agreement because
(a) the share price has declined precipitously and
(b) the Company regards the matters the subject of the Subscription Agreement to be highly positive to the prospects of the Company and in turn to the price or value of its securities. Please see a copy of the above referred ASX announcement, a copy of which accompanies this letter, for further detail.
In the circumstances, the Company considers the recent decline in the price of its shares on ASX at the same time as the Company has been negotiating an equity injection from KDG to be purely coincidental.
4. The Company confirms that it is in compliance with the Listing Rules and, in particular, with Listing Rule 3.1.
