Intrepid Mines Secures Offer Extension For Off-Market Takeover Bid For A1C

Intrepid Mines Secures Offer Extension For Off-Market Takeover Bid For A1C

On 25 January 2019, AIC Resources Limited (ASX: A1C) has announced the extension of offer period for off-market takeover bid by Intrepid Mines Limited (ASX: IAU).

Intrepid Mines Limited had made offers under an off-market takeover bid for all of the ordinary shares in the Target (AIC Resources Limited). The Offers are contained in the bidder’s statement dated Wednesday, 3 October 2018 (as amended and supplemented by the supplementary bidder’s statement dated Thursday, 15 November 2018). The Offers were due to close at 7.00 pm (Sydney time) on Monday, 28 January 2019.  

AIC Resources Limited is under the mining sector. The company mainly engages in gold exploration and development. The company’s key project is the Marymia Project.

Intrepid Mines Limited has advised that they applied for ASIC relief to further extend the offers to 7:00 pm (Sydney time) on 4 February 2019 (it represents a further extension to the Offers of seven days). In case, Intrepid Mines did not get any relief from ASIC (The Australian Securities and Investments Commission), then they would not be able to extend the offers further.

This further seven-day extension will give enough time to allow Target shareholders who have not yet accepted an offer the opportunity to do so.

On 25 January 2019, The Australian Securities and Investments Commission has advised that it has made an in-principle decision to grant the relief sought by the Intrepid Mines Limited. As such, Intrepid Mines Limited hereby varies the offers and the accompanying documents by extending the close of the offer period from 7:00 pm (Sydney time) on Monday, 28 January 2019 to 7.00pm (Sydney time) on Monday, 4 February 2019.

Further, Intrepid Mines Limited gives notice that, following sections 650D(1)(a)(ii) and 650E of the Corporations Act, Target shareholders who have already accepted an Offer have a right to withdraw this acceptance prior to the Offer period closing. That means, if you are a Target shareholder that has already submitted an acceptance and would like to withdraw your acceptance, , you may do so by emailing your request for withdrawal to before 7.00pm (Sydney time) on Monday, 4 February 2019, and after that it will be processed by the bidder’s  (Intrepid Mines limited) share registry as a matter of priority.

FY18 Financial Performance: The Company’s topline for the year amounted to $118,357. The Company’s net loss for the year stood at $2,308,329 in FY18, (over the prior year’s loss of $289,194). The diluted loss per share amounted to 0.0425 cents per share in FY18.

On Balance Sheet front, Net Assets was $9,329,292 in FY18, (over the prior year which was $2,010,806).

As at 30 June 2018, A1C had maintained the cash and cash equivalent of $7,759,828 (over the prior year which was $711,957).

Stock performance: The shares of AIC Resources Ltd are trading flat at A$0.120 (as at 2:43PM, 29 January 2019). The stock has delivered the negative return of 36.84% over the past six months. During the last one month, A1C delivered the negative return of 20%.


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