Join our daily newsletter At The Bell to receive exclusive market insights
- Stanmore Coal (SMR) has told shareholders to vote yes to Golden Investments on-market offer
- In April, Golden Investments, which is Stanmore’s largest shareholder, put in its final takeover bid for Stanmore
- The company has offered $1 for each Stanmore share on offer that it does not already own,
- The offer will close on Monday, May 18
- At the time of making the offer, Golden Investments held just over 31 per cent of the shares in Stanmore, however, on May 13, the company increased its shareholding to nearly 64 per cent
- Stanmore remains steady on the market today, selling shares for $1 per share
Stanmore Coal (SMR) has told shareholders to vote yes to Golden Investments on-market offer.
In April, Golden Investments, which is Stanmore’s largest shareholder, put in its final takeover bid for Stanmore. The company has offered $1 for each Stanmore share on offer that it does not already own. This offer will close this Monday, May 18.
At the time of making the offer, Golden Investments held just over 31 per cent of the shares in Stanmore. However, on May 13, the company increased its shareholding to around 63.99 per cent.
“The Independent Directors of Stanmore recommend you accept the Offer, in the absence of a superior proposal for the reasons outlined in the target’s statement,” the company added.
At the time of making the offer, Golden Investments told Stanmore shareholders that the offer is a “compelling opportunity” to get value out of Stanmore shares given the coal miner’s declining share price.
In July 2019, the company was trading for $1.42 per share.
Stanmore remains steady on the market today, selling shares for $1 per share at 1:49 pm AEST.
