In today’s briefing:
- OreCorp (ORR AU): Musings On The Minimum Bid Price
- Calima Energy Ltd (ASX: CE1): Selling Blackspur
OreCorp (ORR AU): Musings On The Minimum Bid Price
- On the 27 Dec, to circumvent Perseus (PRU AU)‘s 19.9% dissenting vote, Orecorp (ORR AU) and Silvercorp (SVM CN) agreed to an off-market takeover, on the same terms.
- That Offer – A$0.19 in cash and 0.0967 new Silvercorp shares – opened on the 3 January.
- Silvercorp paid ~A$0.51/share, on-market, just prior to the Offer. OreCorp is currently trading ~A$0.51-$0.52/share. Is there any legal obligation to set a minimum floor price of A$0.51/share?
Calima Energy Ltd (ASX: CE1): Selling Blackspur
- • Calima is selling Blackspur for ~A$83.3 mm (C$75 mm) in cash to Astara Energy. • Calima Energy has ~A$4.1 mm in cash which remains with Calima together with a A$0.4 mm bond with BCOGC. • Overall, assuming only A$69 mm (equivalent to A$0.11 per share) will be distributed to shareholders (representing the minimum of 85% of the final sale proceeds) would leave Calima with ~A$15-16 mm in net cash on closing (equivalent to ~A$0.025 per share).
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