Cape Alumina’s (ASX:CBX) independent directors have recommended...

  1. Cape Alumina’s (ASX:CBX) independent directors have recommended that shareholders accept MetroCoal’s (ASX:MTE) off-market takeover bid of 1 MTE share for every 1.3 CBX shares with no superior offers received to date.

    This represents a 35% premium to the 20 day VWAP for each Cape share and has been determined by an independent expert to be fair and reasonable.

    MetroCoal has already received commitments for 63.37% of Cape’s issued shares.

    The combined company will have a mix of short and medium to longer term value creation projects as well as better access to funding and better prospects for development of the Bauxite Hills Project in Queensland.

    Bauxite Hills has a 60 million tonne bauxite resource and is undergoing work to define its potential as a DSO operation.

    It is located just 5 kilometres southeast of the existing port and Skardon River and 95 kilometres north of Weipa.

    The merged entity will also have interests in over 4 billion tonnes of thermal coal in the Surat Basin.

     

 
watchlist Created with Sketch. Add CBX (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.