Regis Resources Withdraws its Acquisition Proposal of Capricorn Metals.


On 1 October 2018, Regis Resources Limited (ASX: RRL) provided an update on the previously announced confidential, indicative and incomplete proposal to acquire 100% shares in Capricorn Metals Ltd. Hawke’s Point which is Capricorn’s largest shareholders with 18.9% of the Capricorn shares confirmed to Regis that it will not support the Proposal. Following the release of this news, the share price of the company uplifted by 1.075% as on 1 October 2018.

On 24 September 2018, the company had proposed this proposal to acquire 100% shares of Capricorn and it was providing an offer of 11.4 cents in Regis shares per Capricorn share, a premium of 93.2% to the closing Capricorn share price on 21 September. The recommendation of the Board of Capricorn and the support of Capricorn’s major shareholders were required to make a binding agreement. The Proposal was intended to be implemented by an off-market takeover offer which would be conditional, among other things, on a 90% minimum acceptance condition. [optin-monster-shortcode id=”wxhmli4jjedneglg1trq”]

The Board of Capricorn unanimously recommended the Proposal and substantially negotiated an implementation agreement. Moreover, the significant Capricorn shareholders Nedlands Nominees Pty Ltd and Centrepeak Resources Group Pty both had indicated their willingness to support the Proposal. However, after the confirmation of Hawke’s Point of not supporting the proposal, Regis has withdrawn the Proposal and stopped its discussions with both Capricorn and Hawke’s Point regarding the Proposal. While the company is having no intention to initiate further discussions, it reserves its right to make a further proposal in relation to Capricorn in the future. The Board of Capricorn is planning to engage with the key shareholder that did not support the Regis Proposal to seek clarity on its intentions in relation to its investment in Capricorn.

Recently, the Regis’s board made two key appointments due to their board and management succession planning. First, the Company’s board hired Mr. Jim Beyer as the new Chief Executive officer and Managing Director of the Company which will be effective from 15 October 2018. Secondly, The Board has also announced that they have chosen Mr. James Mactier as Non-Executive Chairman effective at the end of the 2018 Annual general meeting, he is currently Non-Executive Director of the Company.

RRL’s shares traded at $3.760 with a market capitalization of $1.89 billion as on 1 October 2018 (AEST 4:00 PM).

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