Resource Pacific Holdings Limited (ASX: RSP) notes the announcement today by New Hope Corporation Limited (ASX: NHC) that New Hope intends to make an off-market scrip takeover bid for the company. The bid is unsolicited.
The Chair of Resource Pacific, Ms Carol Holley, said: ‘The company is in the process of considering the terms of the bid. A Bidder’s Statement has not been received and, when it is, the company will issue its formal response and recommendation to shareholders. At this stage we are advising shareholders to take no action in response to the bid.
‘The timing of this bid is clearly opportunistic. We have begun to unlock the substantial value of our Newpac mine and, following successful extraction of the first longwall block, Resource Pacific shareholders can expect to benefit from the substantial investment in
operational development and infrastructure they have made over the past three years. As part of that process and as foreshadowed to the market last month, the company was in advanced stages of developing an equity and/or debt recapitalisation plan for the business and, but for the announcement of the bid, would have proceeded to implement this plan. The board will now consider its options and report to shareholders.’
RSP
resource pacific holdings limited
