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Highlights:
Resolute Mining makes a second settlement payment of US$50 million as part of a $160 million agreement with the Government of Mali.
AVJennings shares surge after receiving a takeover proposal from AVID Property Group, with a 103% premium to the market price.
The ASX announces a $445 million plan to replace its outdated CHESS system by 2029, following the cancellation of a previous upgrade attempt.
Resolute Mining has made a second settlement payment of US$50 million to the Government of Mali as part of a broader $160 million agreement aimed at resolving ongoing disputes. This payment follows the release of the company's CEO and two executives, who were detained in early November but were freed on 21 November. Despite the challenges faced by the company, operations at the Syama Gold Mine remain unaffected, and Resolute’s shares have risen by 2.47% over the past five days.
Shares in AVJennings (ASX:AVJ) experienced a sharp increase after the company received an acquisition proposal from AVID Property Group. The proposed offer, which includes a 103% premium to AVJennings' market price on 27 November, would see all outstanding shares acquired at 67 cents per share. The AVJennings Board has entered into an exclusivity agreement with AVID and intends to recommend the offer if conditions are met. AVJennings’ shares have surged by 72.22% over the past five days.
SG Fleet also saw a rise in its share price following the announcement of a $3.50 per share offer from Pacific Equity Partners. The SG Fleet board granted Pacific Equity Partners exclusivity until 29 November 2024 to conduct due diligence and negotiate the terms of the potential transaction. SG Fleet’s shares have remained flat over the past five days.
Novonix has been active in recent weeks, securing a supply agreement with global automotive giant Stellantis in mid-November and later announcing a partnership with Volkswagen's PowerCo. The company also completed an institutional placement to raise approximately $44.4 million. However, Novonix's share price has declined by 13.75% this week following these developments.
Lastly, the ASX revealed a $445 million plan to replace its outdated CHESS system by 2029, a move that follows the abandonment of a previous plan in November 2022, which led to a $250 million write-off. Investors have expressed concern over the cost and extended timeline, leading to a 2.9% drop in ASX shares this week.
