Non buyers and waiters on the side beware
Breakout to 30cents imminent.
Was a big 500k trade yesterday.
Who knows something.
Almost trading at cash.
Will prob sell co or iron ore for 50cents ($50MN)
From mergermarket
Royal Resources, the listed Australian metals explorer, would seriously evaluate takeover approaches from potential bidders in May or June, said a company source.He said that while the company has actively spoken to some players in China, potential bidders could also include players such as Gindalbie Metals and Sinosteel. Royal would appeal to downstream players located in China and Japan that have steel mills, he explained. The company intends to participate in the ongoing industry consolidation, he continued. He said that the company owns 40% equity in the Warriedar Project and it would alone have a valuation of AUD 100m (USD 90m). Besides this, the company is also in the process of building the value of its other iron ore assets, he continued. The company has a 100% interest in eight tenements in the Pilbara region and has secured necessary approvals to drill at its tenements, he said. He mentioned that the management, Board and associates hold approximately 25% equity in the company. The company plans to drill at its projects in February and March, evaluate assay results by May and assess takeover approaches in May or June. Patersons are the company's corporate advisors. In the meantime, the company is also likely to spin off its uranium assets in an IPO and list
on either the ASX or TSX, he said. The company is actively looking to acquire uranium tenements in Colorado and Utah, he added. The IPO would see Royal shareholders receive an in-specie distribution and settling down with equity in the new company of 30%-40%, he said. The IPO size is likely to be in the range of USD 15m-20m and the company is looking to draw a US company as a cornerstone investor who would be interested in acquiring 25%-30% equity in the new company at the IPO stage, he said. The prospectus for the proposed IPO and a shareholders approval to proceed
with the IPO should be complete in six months time, he continued. Royal Resources has an approximate market cap of AUD 16.3m (USD 15m). by Surabhi Choudhary in Singapore
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