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All the best chaps...
Last day to trade today, so cheers everyone and all the very best for the future.
Dear Jan
Thank you for your email and raising your concerns with ASIC.
ASIC values the information we receive from the public, and reports of misconduct such as yours assist us in working to build confidence in the integrity of the capital markets.
ASIC notes Goldway Capital Investment Limited (Goldway) released a Fifth Supplementary Bidder’s Statement on 15 April 2024 (Supplementary Bidder’s Statement). Part 5 of the Supplementary Bidder’s Statement sets out the reasons why Goldway required relief from ASIC to extend the Offer Period.
In particular, the Supplementary Bidder’s Statement explains Goldway acquired a relevant interest of 83.67% in MC Mining Limited prior to the original close of the offer period, which was 7:00pm (Sydney time) / 10:00am (South Africa time) on Friday 5 April 2023. However, due to market practice in South Africa whereby share acceptances are only processed once a week on a Friday, Goldway was not able to receive notification from the South African registry, for acceptances received by the South African registry until after the original close time (which arrived at 11:20pm (Melbourne time) on Friday, 5 April 2024).
In summary, due to the time lag explained above, Goldway were not able to verify before the time the offer closed that they had or hadn’t in fact received the relevant acceptances in order to meet the outstanding condition of the take over offer. Accordingly, the ASIC relief granted allowed Goldway to determine whether the 50.1% minimum acceptance condition had been satisfied before the original close time.
We hope this further disclosure by Goldway clarifies questions you may have had regarding the take over extension.
Kind regards
Sean Ferguson
Corporate Finance
Markets Group
Jolly, as the offer is now unconditional I fear it makes sense to accept. Risk is you're left holding an unquoted stock that is impossible to sell. if they do have a compulsory buy out then it might be some time before you see your money.
waste of time and money. david brown would be turning in his grave.
I will be waiting it out until the last minute. It seems the company have no intention of fighting or objecting.
So for the minnows like us, it seems pointless to try and fight off the sharks. Time to move on having taken
a huge loss.
Thank you, Hemmings8
Dear Sirs,
I hereby wish to request an inquiry into the 11th hour granting of extension to Goldway Capital Investment’s bid for MC Mining’s shares,
from 5th April 2024 to 19th April 2024 as well as the sudden gain in holdings within a spate of a few days, despite the widely
promulgated SENS from the independent board committee to reject the offer.
Merely some background – I have long held MC Mining shares since 2011, which was then Coal Of Africa Limited under the helm of
John Wallington. Over the years, I continuously bought shares with the fact that it would be the premier hard coking coal producer
in South Africa. Whilst I knew the funding challenges it faced, it did not deter from the fact that the Makhado Project would
be the company’s game-changer. These are fundamentals in stock purchasing, and not technical analysis as a short-term investor.
Following a change in CEO to Late David Brown, there was the company’s name change and a share consolidation of 20:1
as the rationale behind this was to attract institutional investors. Despite this, still I bought more shares as the type of coal
was not thermal, whereby environmentalist groups being up in arms against this.
Then in September 2022 we had the R472m rights issue to raise more funds for the Makhado Project which took my holdings into greater share dilution/oblivion.
I would hope and beg that after having explained these facts, that an inquiry be lodged immediately to ascertain the sudden gain in holdings.
Bozmo sandman hemmings tootight..... what r u guys doing
This takeover is not philanthropical..." we are trying to save minority shareholders from illiqidity etc" ha ha. they are doing this because they are going to make heaps . they obviously have deep pockets or access to money as this takeover is costing millions. so I'm sure they have plans in place already to kick-start makhado.. 18 months. then 2 years recoup money. then dividends . fat ones. so I am going g to stay invested. and hope they don't het to 91%
A shareholder registering potential unacceptable circumstances objection and why the extension was granted at the 11th hour might cause everything to go to review . Shareholders don’t know that the IBC objected to the extension. Write to:
Allan Bulman
Chief Executive, Takeovers Panel Level 16, 530 Collins Street Melbourne VIC 3000
Ph: +61 3 9655 3500 takeovers@takeovers.gov.au
and
Sean Ferguson
Corporate Finance
Markets Group
Australian Securities and Investments Commission
Level 1, 11 Mounts Bay Road, Perth, 6000
sean.ferguson@asic.gov.au
Let's go down fighting
And i was waiting for a pound a share. New mgt a bunch of bar stewards.
That was Goldway.
They did issue a statement - they secured 83.3% of total shares...ramping up to 90%+ by 22nd April
Strange that there is no statement from the company!
This is a long shot and maybe things don't work this way but if mine management can convert the IDC loan to equity then Goldway will no longer have the percentage needed for the takeover, unless the IDC favors the takeover.
....read SENS announcement from Feb 2021 below particularly the last paragraph...
IDC LOAN UPDATE
MC Mining Limited (“MC Mining” or the “Company”) is pleased to announce that the Industrial
Development Corporation of South Africa Limited (“IDC”) has extended the date for repayment of the
R160 million loan ($10.3 million) plus interest owing by a subsidiary of the Company, to 31 July 2021.
The Company is also pleased to announce that the IDC has agreed to extend the terminal draw down
date in respect of the conditional R245 million ($15.8 million) term loan facility agreed to partially
finance the development of Phase 1 of the Makhado hard coking coal project (“Makhado Project” or
“Makhado”), to 31 July 2021, subject to the IDC reaffirming its financial due diligence.
The IDC has provided longstanding support for the development of the Company’s flagship, fully
permitted Makhado Project. MC Mining initially utilised R120 million ($7.7 million) (“First
Drawdown”) of a R240 million ($15.5 million) IDC facility to progress the Makhado Project to fully
permitted status and complete the acquisition of the surface rights required for the mining area.
During August 2020, the Company and the IDC restructured that IDC Facility and MC Mining drew
down an additional R40 million ($2.6 million) (“Second Drawdown”) and the remaining R80 million
($5.2 million) undrawn balance was cancelled. The First and Second Drawdowns resulted in the IDC
becoming a 6.7% shareholder in MC Mining subsidiary, Baobab Mining & Exploration (Pty) Ltd, which
owns the Makhado Project.
The First and Second Drawdowns of R160 million ($10.3 million) plus accrued interest were originally
due for repayment by 30 November 2020. As previously announced, MC Mining submitted a formal
application to extend the repayment date and the IDC has now agreed to extend the repayment date
to 31 July 2021. The Company and IDC will however continue discussions with the objective of
scheduling the repayment of the First Drawdown to align with the positive cash flows generated by
the project, whilst repaying the Second Drawdown from the proceeds raised to construct Phase 1. In
the unlikely event that the parties cannot reach agreement on further deferment terms or the
Company does not repay the loan by the repayment date, the financing documentation allows for the
debt to be converted into equity.
There are some ANC heavyweights in the management and board (NENE ex finance minister) so I'm sure they've upset some of the ruling party "comrades."
Really sad that I started with the share 11 years ago. CZA and in the end it turned out to be 75% loss on purchase cost, not even to mention monthly fees for my trading account. I hope they suffer big setbacks with legislation. Water licences etc. You will see it in the news.
Little to no point not accepting the offer now in my opinion. Awaiting corporate action to appear in my account
It really was not a CHOICE - it was a given! Get something back or nothing!
Go figure! It was an internal SWIPE in its truest form. God bless 'em!
I agree with Bozmo, Something is not right here, should be investigated. Although I am sure it won't be.
A very sad ending for the majority of us that did not sell out.
All the best to you all for a better future.
Update from broker
"There is no longer a dark blue icon next to your holdings as this was set to the original deadline of noon on 3 April 2024. We are aware of the extension, however the voting facility has not been uploaded into CREST, the UK settlement system. Once this has been set up by CREST we will contact clients without delay, outlining details of how they can accept the offer should they wish to do so"
I guess if you accept the offer now you get your cash back early than if you just waited for them to buy your shares at a later date
Weird isn’t it. 2 months to accept the deal. Need an extension as 11th hour. Get one despite IBC being against it. Then everyone crumbles. Smells. That’s all.
You get the same price sir
There is no option for me to accept the offer on my broker website (HL). Will we still receive the same offer amount once delisted?.
The message sent through my broker states "If the offer is successful and Goldway Capital gains control of 90% of MC Mining shares they will buy all remaining shares on the same terms as the offer".
They have acceptance of 83.67% so they could offer us a lower offer right?
No point selling at 7.5 in open market