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The West-Perth-based mining player, Beadell Resources Limited (ASX:BDR) is a gold producer in Australia and Brazil. Currently, it primarily operates the Tucano Gold Mine, situated in Amapá State in northern Brazil, and comprises wholly-owned tenements spanning across 2,500 km2 in the highly prospective Birimian age greenstone terrane.
On February 15th, 2019, Beadell released an announcement confirming the approval from the Supreme Court of Western Australia (Court) for the proposed acquisition of the company by Great Panther Silver Limited employing a scheme of arrangement, for which the company recently received approval from the shareholders on February 12th, 2019.
The Scheme will be legally effective after Beadell submits the copy of Court's orders for the approval with the Australian Securities and Investments Commission by Monday, February 18th, 2019.
The companyâs shares will be suspended from trading on the Australian Stock Exchange (ASX) from the end of trading on Monday, February 18th post the implementation of the scheme.
As per the guideline, Beadell shareholders who hold shares on the record date for the Scheme, that is 5.00 pm AWST on Monday, February 25th, 2019, will only receive the Scheme consideration. Essentially, the shareholders with 10,000 shares or less on the Record date may choose to have all, but not some, of their shares dealt with in accordance with the sale facility under the Scheme. Meanwhile, the small shareholders may make such choice by completing and signing the election form made available by Computershare on request (Election Form), which is required to be submitted to Computershare only before 5.00 pm on the Record date.
Lastly, the new shares by Great Panther will be issued on the Implementation Date, that is Tuesday, March 5th, 2019.
Also, Beadell recently announced the results of the quarter ended December 31st, 2018, highlighting operational updates and an outlook for the year ahead. For the period, the gold sales and production stood at 38,422 ounces and 43,365 ounces respectively, a decline of 15% and 11% respectively compared to the same quarter in 2017 and an increase of 39% of gold sold and 45% in gold recovered compared to September 2018 quarter. For the complete CY2018, the gold sales amounted to 122,472 ounces and gold recovered was recorded at 123,296 ounces, around 1.4% below the lower end of the prescribed guidance of 125,000-135,000 ounces.
Talking of the cost figures, the cash costs for the quarter were USD 832 per ounce while the All-in Sustaining Costs (AISC) stood at USD 893 per ounce, depicting a decline of 4% relative to the same quarter in 2017 and a decline of 7% relative to the prior September 2018 quarter. For the complete CY2018, the cash costs were at USD 880 per ounce and AISC at USD 1,073 per ounce, approximately 2% below the upper end of the revised guidance of USD 1,000 to USD 1,100.
BDR is listed on the ASX with around AUD 103.76 million market capitalisation and ~ 1.67 billion outstanding shares. At the time of trading session on Friday, February 15th, 2019, at 02:59 PM AEST, the BDR stock is trading at a market price of AUD 0.061, with around 18.94 million volume of shares traded. Besides, the stock has generated a positive YTD return of 19.23%.
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