MC Mining Limited's response to all-cash takeover bid

MC Mining Limited (ASX: $MCM) has issued a Supplementary Target's Statement in response to an all-cash off-market takeover bid made by Goldway Capital Investment Limited. The Independent Expert's Report, prepared by BDO Corporate Finance, concludes that the Offer is neither fair nor reasonable to Shareholders. The Independent Board Committee unanimously recommends not accepting the Offer. The Managing Director and CEO also intends not to accept the Offer for the shares he holds. The Offer is open from 16 February 2024 to 5 April 2024 and is conditional on Goldway receiving acceptances for at least 50.1% of MC Mining shares not currently held by the Consortium.

Executive Commentary on Takeover Bid

The Independent Expert's Report, prepared by BDO Corporate Finance, has provided a comprehensive analysis of the all-cash off-market takeover bid made by Goldway Capital Investment Limited. The report concludes that the Offer is neither fair nor reasonable to Shareholders, and the Independent Board Committee unanimously recommends not accepting the Offer. The Managing Director and CEO also intends not to accept the Offer for the shares he holds. The Supplementary Target's Statement provides additional reasons for the recommendation not to accept the Offer, including the determination that the Offer price does not represent an appropriate premium for control and is opportunistically timed to deprive Shareholders of future potential value.

Outlook and Corporate Strategy

MC Mining Limited's response to the all-cash off-market takeover bid reflects the company's commitment to protecting the interests of its Shareholders. The Independent Expert's Report and the Independent Board Committee's unanimous recommendation not to accept the Offer underscore the company's dedication to ensuring fairness and reasonableness for its Shareholders. Looking ahead, MC Mining remains focused on its coal exploration and development projects in South Africa, including the Uitkomst, Vele Colliery, and the Greater Soutpansberg Project. The company's ambitions and goals center around maximizing the potential value of its coal assets and securing sustainable growth in the coal mining sector. The announcement provides insights into the company's operations, recent developments, and valuation approach, offering a comprehensive overview of MC Mining's current status and future prospects.