From the AFRs street talk this morning.
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Among the reasons in a strongly worded missive Street Talk has been told will circulate as early as today is concern that Zhaojin’s bid was opportunistically timed after a slower ramp-up at the company’s Abujar gold mine in Côte d’Ivoire in the first half of the last financial year.
Tietto will this week tell its shareholders that it understands its two other major shareholders – Chifeng Jilong Gold Mining and Kongwell Management, with 18.7 per cent of the company between them – will not be voting in favour of Zhaojin’s offer as the price is too low.
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Cryptically, the company will also tell investors they may be at risk of missing out on a higher price from an unnamed, third party if they take the money.
Sources said an independent expert – Grant Thornton – had concluded Tietto shares were worth between 79¢ and 93¢, which meant the Zhaojin offer was not fair – and not reasonable
