Hannans conducts capital raising to support asset growth and acquisitions
ASX-listed exploration company Hannans Ltd has announced a A$2.5 million capital raising to support lithium exploration at Forrestania in Western Australia, and due diligence on potential acquisitions. Under a Share Purchase Plan, existing Hannans shareholders were given the opportunity to acquire up to A$15,000 worth of new shares at a discounted price.
Struggling WICET the subject of takeover interest
The Australian Financial Review , citing unnamed sources, has reported that a consortium comprised of ASX-listed Aurizon Holdings Limited ( Aurizon ) and ASX-listed Macquarie Group Limited ( Macquarie ) and Canadian investor Brookfield Asset Management ( Brookfield ) have submitted a A$4 billion bid to take control of the Wiggins Island Coal Export Terminal (WICET), and one or more of WICET's source mines.
According to The Australian Financial Review , under the proposal Aurizon would take control of WICET's port operations, while Macquarie and Brookfield would seek to buy a number of WICET's source mines which may include Glencore's Rolleston Mine and Wesfarmers Resources' Curragh mine .
Citing undisclosed sources, The Australian Financial Review identified that "the deal was pitched as a 'whole of basin' proposal, requiring a new equity owner (Aurizon), new debt (likely arranged by Macquarie), and new take or pay contracts with the port's customers."
Aurizon confirmed in a press release dated 13 November 2017 that it has entered into preliminary discussions with WICET. Aurizon did not comment on whether it was acting alone or as part of a consortium. Macquarie and Brookfield have not commented.
According to The Australian, speculation is mounting that WICET part-owner Glencore may be planning to submit its own bid for the struggling export terminal. The Australian notes that, in order to succeed, Aurizon, Macquarie and Brookfield's consortium bid would likely need Glencore's blessing.
"We either sell out, or we actively participate to try to realise more value."
The Australian has reported that Eastern Field Developments , a consortium comprised of Procap Partners Limited , PT Saratoga Investama Sedaya Tbk and PT Merdeka Copper Gold Tbk (the Consortium), has launched a hostile, A$260 million bid to acquire ASX-listed Finders Resources Limited (Finders) .
According to The Australian , the Consortium, which currently controls 19.9% of Finders, is offering A$0.23 cash per share, a price which values the company at A$260 million on an enterprise value basis.
The Australian , citing PT Merdeka Copper Gold Tbk CFO David Fowler, reports that the takeover bid follows a failed attempt by the Consortium to sell their interest in Finders. Mr Fowler told The Australian that " We are really between a rock and a hard place" and that "We either sell out, or we actively participate to try to realise more value."
In a market update release of 20 November 2017, Finders advised its shareholders to take no action in relation to the bid until a target statement, including an independent expert's report as to the fairness and reasonableness of the bid, has been released by Finders.
Significant initial interest for Glencore's Rolleston coal mine
The Australian Financial Review has reported that approximately 20 parties are believed to be showing initial interest in acquiring Glencore's Rolleston coal mine , citing potential bidders as Apollo Global Management , Macquarie Group (as part of the unconfirmed consortium bid for WICET discussed above), resources investment house AMCI and a number of unnamed Chinese companies.
The Bank of America Merrill Lynch was reported by The Australian Financial Review to be seeking indicative bids for the Rolleston mine in the first week of December.
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