Perth-based CopperCo Ltd will move to acquire the remaining shares in investment house Mineral Securities Ltd after emerging with a 94.7 per cent stake following the close of its takeover offer.
Perth-based CopperCo Ltd will move to acquire the remaining shares in investment house Mineral Securities Ltd after emerging with a 94.7 per cent stake following the close of its takeover offer.
Perth-based CopperCo Ltd will move to acquire the remaining shares in investment house Mineral Securities Ltd after emerging with a 94.7 per cent stake following the close of its takeover offer.
The explorer said it expects the compulsory acquisition of the remaining shares in Perth-based MinSec to take about eight weeks.
The friendly merger was announced in January this year in a bid to create a diversified global resource company with interests in base and precious metals including copper, zinc, lead, platinum and gold.
Under the scrip take over offer, MinSec shareholders received 2.2 CopperCo shares for each ordinary MinSec share.
CopperCo is currently expanding its Lady Annie copper operation in Queensland with a goal of achieving copper cathode production of 30,000 tonnes per annum.
Below is the full announcement:
CopperCo Limited ("CopperCo") today announced the closure of its recommended offer for Mineral Securities
Limited ("Mineral Securities").
As at the close of CopperCo's offer, CopperCo held approximately 94.70% of the Mineral Securities shares on issue. CopperCo now intends to proceed with the compulsory redemption of the remaining Mineral Securities
shares on issue. It expects to complete the redemption within approximately eight weeks.
Commenting on the offer, Mr Brian Rear, Managing Director of CopperCo said, "We are delighted at the
successful conclusion of our offer, particularly the extremely widespread support for the offer from Mineral
Securities shareholders. We believe the merger benefits of increased scale as well as asset and commodity
diversity are even more compelling in the current environment for emerging resource companies."
"The outlook for the key commodities of the merged group, in particular copper and platinum, remains strong
underpinned by fundamental demand for these commodities."
"CopperCo expects to hit the ground running and rapidly integrate the two businesses. We are now looking
forward to taking advantage of the value creation opportunities for shareholders in the new CopperCo."
"Our flagship Lady Annie project continues to perform very strongly. We expect to complete the expansion of
this project in the next few weeks which will be achieved on time and on budget. We are on track to achieve
our goal of cathode production of 30,000 tonnes per annum by June 2009," he said.