Update: Takeover provides easier access to capital
Bushveld has proposed an off-market takeover bid for Lemur Resources for A$0.06 – a share valuing Lemur’s entire share capital at A$10.9m (£5.6m). To support the bid and to satisfy Bushveld’s small capital requirement of A$4.0m (£2.0m) to buy the remaining Lemur shares it does not already own (36.4%), it has entered into a subscription agreement with Riveridge for a six-month convertible loan note providing £2.6m. The takeover, if completed, will allow Bushveld easier access to Lemur’s cash of c A$13.0m and full control over its coal assets, making it value-accretive. We would expect Bushveld to use these additional cash resources to progress its own vanadium and tin projects in South Africa.
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