Beadell Resources Limited Announces 100% takeover offer by Great Panther for $144 million

  • Sep 24, 2018 AEST
  • Team Kalkine
Beadell Resources Limited Announces 100% takeover offer by Great Panther for $144 million

Beadell Resources’ share price jumped as high as 21.053% after the company unveiled A$144 million takeover offer by Canada-based silver mining company, Great Panther Silver Ltd.

After going into the trading halt today morning, Beadell Resources released scheme implementation agreement it has entered into with Great Panther. Under the scheme, latter will acquire the 100% of shares in Beadell Resources Limited for the purchase consideration of A$144 million.

If the takeover scheme gets implemented, Great Panther will issue 0.0619 share for every share of Beadell which makes the issuance of approximately 103.6 million Great Panther Shares. The exchange price has been fixed at $0.086 per Beadell Share.

The merged group is estimated to have an attributable proven and probable reserves of approximately 1.5 million ounces of gold along with having the resource base of 0.8 million ounces of gold from BDR’s measured and indicated resources. Also, Great Panther will contribute the resource base of 49.4 million ounces silver-equivalent from measured and indicated resources and approximately 48.5 million ounces silver equivalent from inferred resources.

If the deal goes through, the combined company will emerge as a new intermediate precious metals’ producer into resources market focused on the Americas. The company said that the scheme will result in significant gold and silver production, with Beadell contributing 130,000 gold ounces in 2018 and 4.0 million ounces of silver-equivalent production in 2018. Further, Beadell expects 163,000 ounces of gold in 2019 and an additional gold production upon a positive decision to restart Coricancha.

The acquisition of Beadell will enable Great Panther to get hold of Beadell’s wholly owned Tucano Gold Mine located in Amapa State in norther Brazil.  The report informed that Tucano plant upgrade remains on track for completion by November 2018 which is said to enhance the flexibility of ore type processing.

The Board of Directors have placed their unanimous recommendation for shareholders to vote in favour of the Scheme as there is no better offer present. The meeting to consider the shareholder’s vote on the Scheme is expected to be held in late 2018 following which the company will seek to secure Australian Court Approval by early 2019.

The combine company is said to have pro forma cash balance of US$74 million as at 30 June 2018 for better management at Tucano.

With this announcement, BDR share price surged by 21.053% to trade at $0.069 as on 24 September 2018. The stock has seen a performance change of -72.20% over the past one year.

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