MC Mining's response to off-market takeover bid

MC Mining Limited (ASX: $MCM) has released its formal Target's Statement in response to the A$0.16 cash per share off-market takeover bid by Goldway Capital Investment Limited. The Independent Board Committee (IBC) has recommended that shareholders do not accept the Takeover Offer. The IBC has also commissioned an Independent Expert's Report, anticipated to be issued around 18 March 2024.

Chairman's Commentary on Takeover Offer

The Independent Board Committee has carefully considered the Takeover Offer and has recommended that shareholders do not accept it. We believe that the offer does not adequately reflect the value of MC Mining and its potential. Shareholders are encouraged to read the Target's Statement and seek advice from their legal, financial, and professional advisers. We look forward to your continuing support as we respond to the Takeover Offer. - Khomotso Mosehla, Chairman of the IBC

Summary of MC Mining's Target's Statement

MC Mining Limited (ASX: $MCM) has advised shareholders not to accept the A$0.16 cash per share off-market takeover bid by Goldway Capital Investment Limited. The Independent Board Committee (IBC) has recommended against accepting the offer, citing that it does not adequately reflect the company's value and potential. The company has commissioned an Independent Expert's Report, which is expected to be released around 18 March 2024. Shareholders are encouraged to seek professional advice and stay updated on any further developments related to the Takeover Offer. MC Mining remains focused on its key projects in coal exploration, development, and mining in South Africa, including the Uitkomst Colliery, Makhado Project, Vele Colliery, and the Greater Soutpansberg Projects.