12/09/2011 - 14:15

Banpu bids $477m for Perth's Hunnu Coal

12/09/2011 - 14:15

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Banpu bids $477m for Perth's Hunnu Coal
BRING IT ON: Hunnu Coal has welcomed a takeover bid from Thailand's Banpu.

Investors in one of Perth's top stockmarket floats of 2010 are set to reap a spectacular return after Thai coal miner Banpu Public Company today announced a friendly $477 million takeover offer for Hunnu Coal.

Hunnu is one of several Australian companies to have attracted keen interest after acquiring a number of coal development projects in Mongolia, which has become an investor hot spot.

Led by executive chairman Matthew Wood, Hunnu described the cash offer of $1.80 per share as highly compelling, representing a significant premium to the company's recent trading prices.

"The board of directors of Hunnu has unanimously recommended that Hunnu shareholders accept Banpu's share offer, in the absence of a superior proposal," Hunnu said in a statement today.

Mr Wood added that "Banpu is strongly supportuve of the Hunnu management team and its current strategy".

The Perth-based Hunnu has enjoyed a remarkable run on the ASX since listing in February last year, after completing a $20 million IPO at 20 cents per share, jointly managed by Azure Capital and CPS Securities.

Azure and CPS also helped Hunnu raise a further $40 million in October last year, at 80 cents per share.

Shares in Hunnu were placed in a trading halt on Friday and last traded at $1.38.

In March, Banpu acquired a 12 per cent shareholding, and formed a strategi alliance, with Hunnu, which holds several projects in Mongolia's Gobi Desert.

Banpu last year also acquired Australian coal miner Centennial Coal for more than $2 billion.

 

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