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.
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.