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MC Mining Ltd on Thursday said it received a letter from two companies that together own a majority stake intending to buy it, advising its shareholders to take no action. The Western Australia-based coal miner in South Africa owns Uitkomst Colliery, an operating metallurgical and thermal coal mine, and Makhado project, an exploration and evaluation asset. The two companies who sent the letter on Wednesday are Senosi Group Investment Holdings Proprietary Ltd and Dendocept Proprietary Ltd, which together own a 64.5% stake in MC Mining. The offer price is for 20 to 23 Australian cents per share. On the Australian Securities Exchange in Sydney, MC Mining shares last publicly traded at 13 Australian cents each last week Friday. In London on Thursday afternoon, MC Mining shares jumped 37% to 9.40 pence each. In Johannesburg, its shares traded 24% higher at R 2.17 each. After the receipt of the letter, MC Mining established an independent board committee to consider the it on behalf of shareholders that are not associated with the consortium and to seek to gauge and improve the indicative offer price. The company added that the letter does not provide a definitive offer price for the proposed takeover. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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