MC Mining Limited (MCM) has announced the extension of the offer period for the off-market takeover by Goldway Capital Investment Limited. The offer, originally scheduled to close on 5 April 2024, has been extended by two weeks to 19 April 2024, following ASIC's grant of relief to Goldway. Goldway's recent actions, including a substantial shareholding disclosure and criticism of the Independent Board Committee (IBC) and the Independent Expert, have raised concerns about its intentions.
The IBC expresses disappointment in Goldway's decision to extend the offer period, considering its previous statements that it would not increase the offer or extend the offer period. The IBC views Goldway's actions as an attempt to pressure minority shareholders to accept the offer, especially given Goldway's failure to reach the 'Minimum Acceptance' level necessary for the offer to proceed. The IBC reiterates its unanimous recommendation to shareholders not to accept the offer, as confirmed in the Independent Expert's Report.
MC Mining Limited's announcement of the offer period extension by Goldway has raised concerns about Goldway's intentions and approach. The IBC's disappointment in Goldway's actions reflects the company's commitment to safeguarding the interests of minority shareholders. Despite the extension, the IBC maintains its recommendation for shareholders not to accept the offer, citing the Independent Expert's Report. The company looks forward to finalizing the takeover process to resume opportunities for securing funding and maximizing value for all shareholders. MC Mining Limited continues to focus on its key projects, including the Uitkomst Colliery, Makhado Project, Vele Colliery, and the Greater Soutpansberg Projects, as part of its ongoing operations in South Africa.