Image representing a takeover
Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Helix Resources Ltd (ASX:HLX) has received a partial takeover bid from one of its main investors, Perth-based Acta Investment Group Pty Ltd, with the latter expressing the intention to acquire 25% of ordinary shares in the miner, on top of its currently held 9.42%.

Acta said it would offer a consideration of $0.005 per share to shareholders interested in the offer, adding that this represented a 39% premium to Helix’s 30-day VWAP (volume-weighted average price) of $0.0036.

The investment group – which is headed up by mining engineer and investor Michael Povey – claimed the reason for a partial takeover bid was to bring a ‘fresh approach’ to the company, given a share price loss of nearly 90% between May 2021 and May 2024.

If the offer is accepted, it would see Acta hold a 32.1% share in Helix.

Mr Povey emphasised that although investors had raised more than $12 million for the company, they had ‘very little…to show for the significant amount of capital invested’. Crucially, it called for the appointment of a new board and management team ‘entirely focused on generating returns for shareholders’.

Helix – which last week announced an earn-in joint venture deal with Legacy Minerals which would expand its foothold in the Cobar copper-gold project in NSW – saw its shares move up on the news.

At 13:15 AEST, Helix shares were trading at 0.4 cents, a rise of 12.5% since the market opened.

HLX by the numbers
More From The Market Online
Aussie cash

Cyprium to net A$9M from sale of surplus generators at Nifty copper mine, WA

Cyprium Metals (ASX:CYM) has come out of left field with a quick bit of cash on…
Blockchain concept

Fatfish raising cash to accelerate blockchain and gaming asset development

Fatfish Group (ASX:FFG) has announced its launch of a placement to accelerate development of 'blockchain and…
Woodside HQ in Texas

HotCopper users react as Pancontinental Energy’s trading halt lift reveals little

Pancontinental has lifted a trading halt to reveal its hotly awaited potential deal with Woodside is...still…