23/12/2008 - 10:01

CopperCo, MinSec merger not yet finished

23/12/2008 - 10:01

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The merger between collapsed miner CopperCo and Mineral Securities has not been fully completed, with some MinSec shareholders missing out on shares owed to them.

The merger between collapsed miner CopperCo and Mineral Securities has not been fully completed, with some MinSec shareholders missing out on shares owed to them.

The administrators of CopperCo said they are aware that "certain shareholders of the MinSec group have not received the CopperCo shares or cash due to them".

In September, CopperCo announced that it will move to acquire the remaining shares in MinSec, after emerging with a 94.7 per cent stake following the close of the offer.

CopperCo was offering 2.2 of its shares for each MinSec share.

Shaun Fraser, part of the group of Ferrier Hodgson administrators appointed last month, said the administrators do not intend to issue the CopperCo shares unless required to do so as part of a reconstruction of the company.

"The ultimate outcome for the company's creditors and shareholders is uncertain and will not be known for some time," Mr Fraser said.

Last week, the administrators announced that they have received significant expressions of interest for the acquisition of CopperCo's assets, including its flagship operation, the Lady Annie copper mine in Queensland.

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