MC Mining Ltd - Canberra, Australia-based developer of coal mines across South Africa - Receives a takeover proposal from Vulcan Resources Ltd, owner and operator of the Moatize coal mine in Mozambique. Vulcan offers between AUD0.17 and AUD.20 per MC Mining share, valuing it at between AUD69.34 million and AUD81.58 million, around GBP35.9 million to GBP42.2 million. MC Mining says the Vulcan proposal does not constitute a formal offer, but it notes that the takeover price is higher than that proposed by Goldway Capital Investments Ltd last month.
On Monday, MC Mining urged its stakeholders to reject the February takeover bid from Goldway, which offered AUD0.16 for each MC Mining share, valuing the company at AUD65.3 million.
Current stock price: closed flat at 0.14 Australian cents in Sydney, up 10% at 7.99 pence in London, up 7.2% at ZAR1.94 in Johannesburg on Friday
12-month change: down 23% in London
By Hugh Cameron, Alliance News reporter
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Mc Mining (MCM)