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November 20, 2018

Stanmore receives $175.78m takeover bid from Golden Investments

Stanmore Coal has received an off-market takeover offer from Golden Investments (Australia), a joint venture company owned by Golden Energy and Resources (GEAR) and Ascend Global Investment Fund.

Stanmore Coal has received an off-market takeover offer from Golden Investments (Australia), a joint venture company owned by Golden Energy and Resources (GEAR) and Ascend Global Investment Fund.

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Under the terms of the offer, Golden Investments intends to acquire up to 100% of Stanmore Coal in return for $0.95 in cash per share.

The bid values Stanmore at around A$240m ($175.78m) and offers the company a premium of a 14.5% over the company’s 5-day Volume Weighted Average Price.

In view of the offer, Stanmore asked its shareholders not to take any action at this stage. The company stated that its board will evaluate the offer before responding.

In a stock exchange announcement, Golden Energy and Resources revealed that it has signed an agreement to purchase 50,108,395 fully paid ordinary shares from Greatgroup Investments for a consideration of around A$47m ($34.3m).

The acquisition of the shares will give the company around 19.9% of the total issued share capital of Stanmore Coal.

“Golden Investments intends to acquire up to 100% of Stanmore Coal in return for $0.95 in cash per share.”

GEAR acquired a 51% interest in Golden Investments last week for the purpose of making the offer. Ascend Global owns the remaining 49% stake in the company.

Stanmore Coal Group is engaged in exploration, development and production of metallurgical and thermal coal, with interests in the several Queensland-based projects, including Isaac Plains, Isaac Plains East Open Cut, Isaac Downs, Isaac South, Clifford, The Range, Mackenzie, Belview, and Lilyvale.

Through the proposed transaction, GEAR intends to bolster its overall asset portfolio by diversifying and expanding its coal product suite and geographical presence.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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