Finders Resources Limited (ASX: FND) today released an update on the takeover offer from Eastern Field Developments Limited (EFDL) post the Federal Court judgement handed down in Perth on 8 March 2019.
Finders Resources Limited (ASX: FND) is an Indonesia focused materials operator. It operates two key projects: Wetar Copper Project and Ojolali Gold and Silver project.
The company informed the exchange that Hon Justice McKerracher declined to review the orders of the Takeovers Panel in Finders 03R.
EFDL’s offer for Finders will end on 5 April 2019, unless an appeal is made against the court’s decision.
Post the offer end date of 5 April 2019:
EFDL will have an option, under the Panel’s orders, to acquire shares held by Taurus Funds Management Pty Ltd in Finders. Taurus holds approximately 11.31% of Finders’ share capital and the EFDL has an offer to buy Taurus shares at 23 cents cash per share.
Taurus will have an option under the Panel’s orders to put the shares it holds in Finders to EFDL at the offer price.
Also, the announcement stated that EFDL would have the right to compulsory acquire outstanding Finders shares at the offer price. However, if EFDL does not exercise this right, it would need to make an offer to buy all outstanding Finders shares at the offer price.
It is to be noted that, the orders of the Takeovers panel oblige Taurus to compensate certain Finder’s shareholders who acquired Finders shares through an on-market acquisition at more than 23 cents per Finders shares during the time period 7 December 2017 to 19 March 2018. Taurus would inform the affected shareholders on the process of making the claim.
The company on 08 March 2019, had requested for an immediate trading halt of its securities pending release of an announcement regarding the judgement pertaining to EFDL. The trading halt would be in place till the opening of trading on 12 March 2019.
On 1 March 2019, FND informed the exchange that the Kali Kuning open pit at the Wetar Copper Project had experienced a series of pit wall failures. The company release also highlighted that the waste from the failures had stretched across the base of the pit, covering ore and affecting mining activities. The company’s pit wall monitoring system had recognized broader movements along the pit wall. The company informed the exchange regarding the re-deployment of Kaki Kuning mining equipment to the Lerokis open pit development. Also, ore production would commence in mid-March 2019.
The company released its quarterly report on 31 Jan 2019, and as per the cash flow statement, the company had cash inflow from operations at $A3,932,000 with cash and cash equivalent at the end of the period at $A14,299,000. The total estimated cash outflows for the next quarter is $A74,125,000.
Stock Information:
The stock has been in a down-trend in the recent past. The stock has dropped by 30.43%, and 28.89%, in the past six months and three months respectively (As on 15 February 2019). The stock last traded at A$0.160 on 15 February 2019.
Finders Resources Limited’s (ASX: FND) market capitalization stands at circa $126.2 million, with ~788.77 million shares outstanding. The Stock has noted the 52-week high price of A$.240. As per the latest ASX declaration the, company EPS stood at 0.019 AUD and PE multiple of 8.250x.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
Top 25 Dividend Stocks To Consider
People prefer a dividend stock in their portfolio as it possesses the feature of compounding. Compounding means that the earning which is generated through these dividend stock will get reinvested and will eventually create earnings from earning. More precisely, the dividend generated from these dividend stock will get reinvested to buy another set of a share of the dividend stock which results in giving a higher dividend.
Click here to download your top 25 dividend stocks report!6 Cannabis Stocks under Investor’s Limelight…
Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.
Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.
Click here for your FREE Report
"
