(Alliance News) - MC Mining Ltd said on Friday Goldway Capital Investment Ltd had offered to buy out shares it does not already own in the coal producer.
Per Australian company law, Goldway must compulsorily buyout remaining shares in MC Mining following its off-market takeover bid. The buyout offer only applies to MC Miming shares issued before April 8, when all conditions of the takeover offer were fulfilled.
Goldway has offered AUD0.16 for each MC Mining share. It has said it owns relevant interest represented 93% of the company's issued shares.
MC Mining said on Friday that eligible shareholders have until June 25 to accept the buyout offer.
The Canberra, Australia-based developer of coal mines said that any delisting of its shares will not take place until the formal end of the buyout offer process.
On Monday, MC Mining said it expected to leave London's AIM market next month.
It noted then that Goldway had indicated it intended to seek the delisting of MC Mining from the Australian Securities Exchange and the Johannesburg Stock Exchange, although the formal process had not started yet.
MC Mining also said it expected the cancellation of admission of its shares to trade on AIM to take place on June 19.
In London, MC Mining shares were flat at 7.25 pence on Friday morning. They rose 2.2% to ZAR1.90 in Johannesburg. The stock closed unchanged at AUD0.16 in Sydney on Friday.
By Artwell Dlamini, Alliance News reporter
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