Robust faces takeover bid
Friday, August 15 2014 - 02:07 AM WIB
ASX-listed Robust Resources Ltd announced Friday that two existing investors Stanhill Capital Partners Holdings Ltd and Droxford International Ltd have made an application to the stock market regulator to make a joint takeover of the company.
?If approved, (the plan) would lead to it making an off-market takeover offer at 49 cents per share. Such an offer represents an improvement of 56% over the current proposal from Stanhill, and is a premium of 123% to Robust's price prior to the original Stanhill announcement,? Robust said in a statement.
?In the absence of a higher offer, and conditional upon an independent expert recommending (and continuing to recommend) that the offer is fair and reasonable, Robust intends to recommend that shareholders accept this new offer once it is capable of acceptance,? it added.
Stanhill Capital Partners and Droxford International said in an earlier statement that they were proposing to acquire all of Robust shares in which they do not already have.
The proposed takeover bid is subject to stock market authority approval. The bidders currently have voting power in approximately 46.6 percent of the Robust shares on issue.
Robust is currently developing the Romang Island gold project in Maluku Province, Indonesia.
Editing by Reiner Simanjuntak