NOT TO SAY THAT I AM DISGUSTED BY THE SAU MANAGEMENT, I WANT SOME GOOD $$$$ FROM THIS 1D1OTS and IMMATURE DIRECTORS....SO I MIGHT AS WELL SAY GO HMR AND BRING SOME GOODIES TO SAU CAUSE, I WANT TO SELL AT HIGH AND GET OUT OF THIS DOG ! LMFAO ! HEHEHEHEHE :)))))
Mega bids for Hindmarsh
Ben Sharples Wednesday, January 11, 2006
ANOTHER Australian company is set to be swallowed by a Canadian outfit with Mega Uranium making a $A19.7 million scrip offer for junior explorer Hindmarsh Resources.
The friendly bid values the junior's shares at 78c – representing a 55.5% premium to the 10-day volume weighted average.
Under the proposed transaction, all Hindmarsh shareholders will be offered 100 new Mega shares for every 694 Hindmarsh shares. The expected offer closing date is March.
Hindmarsh said all of its directors have indicated that they intend to accept the offer with respect to their own shareholdings and option holdings.
Mega – the re-badged Maple Minerals - holds a number of assets in Mongolia, Argentina, Australia, Africa and Canada and has a market capitalisation of $C186.8 million ($A212.9 million).
Mega's move into the Australian market began around this time last year when it acquired a 100% interest in Uranium Mineral Ventures, which has an option to acquire the Ben Lomond uranium-molybdenum deposit in Queensland.
In November, Mega acquired the rights to the Maureen uranium-molybdenum deposit in Queensland, which was reported by Getty Oil in 1979.
Mega also follows the lead of Canadian peers IAMGOLD and Intrepid Minerals, both of which recently unveiled takeouts of ASX-listed juniors.
Shares in Hindmarsh, which listed on the ASX in July (after being issued in an IPO at 20c) hit a high of 59c in August. The stock remained unchanged during morning trade at 55c.
