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On 1 October 2018, Atlas Iron Limited (ASX:AGO) announced that Redstone Corporation Pty Ltd which is a wholly-owned subsidiary of Hancock Prospecting Pty Ltd climbed up its offer to 4.6 cents per atlas share. Following this news, the share price of Atlas Iron Limited increased by 6.977% as on 1 October 2018.
On 28 September 2018, Redstoneâs voting power in Atlas reached 88.25% and accordingly it has increased the offer price to 4.6 cents per atlas share. For shareholders, who have accepted the offer before the increase, will be paid additional 0.4 cents per atlas share. Redstone announced that it will not increase the offer price above the current 4.6 cents per atlas share.
The offer has been extended up to 12 October 2018. The Atlas Board unanimously recommends that in the absence of a superior proposal, shareholders ACCEPT the Hancock Offer. Till 1 October 2018, no superior proposal has emerged. Acceptances of the shareholders are expected to be received by 12 October 2018, subject to any further extension. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]
Compared to last year, the revenue of the company in FY 2018 decreased by 37.2% to $546.8 million which was primarily due to lower tonnes shipped and higher discounts applicable to iron ore of Atlas grade. The company recorded statutory loss after tax of $166.9 Mn in FY 2018 against the profit after tax of $48 million in the last year. The loss occurred mainly due to the reduction in revenue and increased costs. Backed by rising in payment to suppliers and employees cost during the period, the company posted cash outflow of $2.7 million in FY18 as compared to the cash inflow of $153.8 Mn in 2017. As of 30 June 30, 2018, the company had a cash and cash equivalent of $30.9 million. The Borrowings have decreased by $18.4 million primarily due to contractual TLB and finance lease repayments. In addition, a further $20 million was repaid during the year as part of an amendment to Term Loan B, which reduced the debt to $86.4 million in FY2018 from $104.7 million in FY 2017.
AGOâs share traded at $0.046 with the market capitalization of $413.62 million as on 1 October 2018 (AEST 4:00 PM).
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