Surprise news awaits Finders’ shareholders The Australian...

Surprise news awaits Finders’ shareholders The Australian 12:00AM February 23, 2018 Shareholders in takeover target Finders Resources may be surprised to know that the closing date of the hostile bid from Indonesian consortium Eastern Field Developments has been extended. Eastern Field’s announcement of the extension was lodged with the Australian Securities and Investments Commission but had not been released by **promotion blocked**. The sticking point to releasing the announcement, which notes that the closing date has been extended from February 28 to March 16, is understood to be an attached press release that renews Eastern Field’s attacks on Finders. Eastern Field has repeatedly savaged Finders over a number of missed production targets from and concerns about its Wetar copper mine in Indonesia, as well as the methodology employed by Finders’ independent expert Deloitte in valuing the company. The blocked press release is also understood to include some fairly scathing commentary about Finders’ financial capacity, in particular its ability to service its debts if production from Wetar falls short of expectations. While other Eastern Field press releases have made it on to the platform, the mud being thrown about in the latest statement appears to have proved too much for the ASX this time around. Eastern Field’s offer of 23c a share for Finders has drawn in only a trickle of acceptances since the offer opened three months ago, with Finders showing little interest in the zero premium attached to the bid. Meanwhile, JPMorgan and Deutsche Bank last night launched the institutional shortfall book build for APA Group’s $500 million equity raising. The gas infrastructure operator announced it was raising the money this week to help fund its new pipeline, power station and wind farm projects. Existing shareholders have been offered new shares at an almost 7 per cent discount on their last trading value of $8.26. Bids are to be made in 5c increments starting at $7.70. It closes midday tomorrow. Additional reporting: Paul Garvey