FSP - "The Last Non Consolidated Palladium Play"17 Sep 2020 11:08
The FSP is the official business end of what was started last Oct -
"The Banks have agreed to work on a success fee basis, so that their motivation is directly linked to a successful completion of an alternative asset transaction superior to those outlined in the announcement of 15 September 2019. The interest from the Banks is originating from the recent palladium acquisitions namely Stillwater for c. US$2bn by Sibanye in 2017 and NAP for approximately CAD$1bn by Impala Platinum earlier this month. The title of the slides for investors prepared by VTB Capital is as follows: "The Last Non Consolidated Palladium Play"."
https://www.lse.co.uk/rns/EUA/engagement-with-citic-and-vtb-capital-75c925zx7g386wg.html
"decided that launching a formal sale process under the Takeover Code is in the best interests of shareholders, which could result in a sale of assets or the Company"
Christian Schaffalitzky, Executive Chairman of Eurasia, commented: "The Board remains focused on maximising shareholder value, and, after receiving approaches from multiple parties interested in acquiring Company's assets, has decided that launching a formal sale process under the Takeover Code is in the best interests of shareholders, which could result in a sale of assets or the Company. The Company will work with UBS and its other advisers to execute the process."
:-
"However, for companies with a small number of valuable assets, a would-be farm-in partner or asset purchaser might instead consider buying the whole company, meaning that the transaction then becomes a public M&A process subject to the Code. If several would-be bidders for the company emerge, an FSP may be the most desirable means to pursue that process."
https://www.lexology.com/library/detail.aspx?g=886cfad0-7f5a-4577-87e8-9136cd83b835
(Click the 'view original' tab after following the lexology link, if it doesn't take you directly to the article.)
FSP party for the parties, champers and nibbles all round -
"All existing non-disclosure agreements interested parties have already signed with the Company in relation to the potential acquisition of the Monchetundra asset remain valid."
https://www.lse.co.uk/rns/EUA/statement-re-formal-sale-process-jtwyvaxxdax49q0.html
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