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Goldway Capital Investments Ltd on Friday said it made a takeover offer for MC Mining Ltd. MC Mining is a Western Australia-based coal miner in South Africa that owns Uitkomst Colliery, an operating metallurgical and thermal coal mine, and Makhado project, an exploration and evaluation asset. Goldway, which is a special purpose vehicle incorporated in Hong Kong said that ‘the costs of remaining listed far outweigh the benefits for MCM shareholders.’ ‘Despite being listed on three exchanges, MCM has been unable to secure funding from parties outside of the consortium,’ it said. Goldway said the offer values MC Mining’s capital at around A$65.3 million, or £33.8 million or R 803 million. It has an enterprise value of around A$75.5 million. The offer is at 16 Australian cents per share, worth around 8.27 pence or R 1.97 and a premium to the closing price of 13 Australian cents of MCM’s closing price on Thursday. MC Mining shares rose 13% to 7.48p each on Friday morning in London, while in Johannesburg, they surged 13% to R 1.70. Goldway said the offer is scheduled to close on April 5. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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