Join our daily newsletter At The Bell to receive exclusive market insights
- Mineral Resources (MIN) gains control of Norwest Energy (NWE) as NWE shareholders flock to accept an all-scrip takeover deal
- The mining giant’s voting power in NWE increased to 53.86 per cent yesterday, giving it majority control over Perth Basin explorer
- The closing date for acceptance of the offer has been extended until March 2, 2023
- MinRes MD Chris Ellison urges remaining NWE shareholders to quickly accept the revised takeover offer
- Shares in MIN are down 1.92 per cent to $85 and shares in NWE are down 2.26 per cent to 6.5 cents at 3:46 pm AEDT
Mineral Resources (MIN) has gained control of diversified resources company Norwest Energy (NWE).
The mining giant announced its voting power in Norwest had yesterday increased to 53.86 per cent, giving it majority control over the Perth Basin explorer, as NWE shareholders flock to accept an all-scrip takeover deal.
As per the terms of the takeover deal, now that Mineral Resources’ voting power has reached more than 50 per cent, the closing date for acceptance of the revised offer has been extended until March 2, 2023.
Mineral Resources Managing Director Chris Ellison said accepting the takeover offer was a “no-brainer” for NWE shareholders.
“I’m delighted that so many Norwest shareholders have already accepted our revised offer and that we now have majority control of Norwest,” Mr Ellison said.
“I urge Norwest’s remaining shareholders to quickly accept our revised offer and benefit not just from our accelerated payment terms but by ensuring they become entitled to MinRes’ interim dividend.”
Norwest shareholders who accept the offer will receive one Mineral Resources share for every 1300 Norwest shares held.
“Those who don’t accept will be left behind in a MinRes-controlled company with none of the upside of being a MinRes shareholder or exposure to our world-class portfolio of diversified assets.
“Those who fail to promptly accept our revised offer will also miss out on receiving our interim dividend and risk having their own share price and liquidity diminish — but will still have to shoulder the burden of their share of significant Perth Basin exploration and development risk,” Mr Ellison said.
Shares in MIN were down 1.92 per cent to $85 and shares in NWE were down 2.26 per cent to 6.5 cents at 3:46 pm AEDT.
