Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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
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.
Dear MC Mining shareholder
We refer you to the Third Supplementary Bidder’s Statement issued on 21 March 2024 and our on going offer to provide shareholders an opportunity to have a favorable exit from MC Mining Limited (MCM) at A$0.16 per share by acceptance, currently, before the expiry date of 5 April 2024 at 10:00am South African time. As a valued and significant shareholder, we are writing directly to you to assist you in exercising your option to ACCEPT. The key messages why you should choose to accept, more fully covered in the Third Supplementary Bidder’s Statement and other process documents that have been issued by us and MCM include:
I rather risk losing all than take this low ball offer. They have been manipulating this share price for years with the end goal of a takeover. I have already lost 80% value since I first bought a good couple of years ago. I will not give them the satisfaction. I am not moving for less than 0.4 . Now they try to paint this crappy picture below to try and scare us.
Cash Offer for MCM Shareholders
Goldway represents a group of shareholders who together own 64.30% of MC Mining's issued shares. This group has been the primary source of funding for MC Mining's capital raising efforts over the last decade, aimed at turning its exploration and development projects into operational assets. Despite these investments, MC Mining has not achieved operational profitability, and its main projects are still under development. This comes at a time when funding for coal projects is decreasing due to a global shift away from fossil fuels and specific challenges faced by coal mines in South Africa, including logistical issues.
Goldway is making a cash offer of A$0.16 for each share without any brokerage fees or additional costs. The cash offer gives shareholders a chance to cash out their shares at a higher value. MC Mining is heavily in debt, consistently spends more cash than it earns, and has very little cash available. Without this offer, it's very likely the company will have to raise more capital in a way that could lower the value of its shares just to stay afloat. The company currently cannot finance its assets to become profitable. This offer provides MC Mining shareholders an opportunity to sell their shares for cash, avoiding the significant risk of future value loss
Today I hit the 10 year mark since I bought my first CZA stocks. Looking back at what I have lost I could have had a brand new Ford Ranger Raptor fully paid off and still have more cash to spare than what I have now in value if I put the money into a 32 day call account!
Should have sold all when it went over R7/share. Now down to R2.70 again and dropping fast. Where is the big coal demand influence? we not seeing it in the share price. I am taking the rights offer just to level out at R6.82 a share but doubt it will go there again anytime soon so that I can at least trade even.
Did you guys also get notification of a rights issue? How will this further affect the share price? Just when I thought there is some claw back to pre consolidation numbers they go and do this to further dilute the share price! ffs