Corporate Update: Altura Mining Ltd.’s (ASX:AJM) stock rose 4.44% on August 09, 2018 (before market close) as the company provided the update regarding the potential control transaction, which was approached to AJM. As a result, AJM evaluated the approach to determine if the shareholder value would maximize through a potential control transaction or the company should continue to focus on the commissioning and development of the Pilgangoora Project under the existing ownership structure.
The company has now determined that as per the prevailing market sentiment towards listed lithium companies and the fact AJM is commissioning Pilgangoora and transitioning from a development to production company, any change of control transaction would not deliver an appropriate valuation outcome for the company’s shareholders. Therefore, AJM has determined to suspend any activity regarding any control transaction as it will allow the Directors and Management to focus on ramping the Pilgangoora Project up to full production over the coming months. Citigroup and Allion Partners are the corporate and legal advisors respectively regarding the approach.
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