Edison Investment Research - Mod Resources Ltd MOD Resources - Sandfires bid undervalues MOD

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Edison Investment Research

Ryan Long

MOD Resources - Sandfire's bid undervalues MOD

MOD Resources has raised A$10m through an oversubscribed institutional placing at a price of A$0.30/share (17p/share), a 36% premium to the closing price on 18 January 2019. The company also intends to raise a further A$5m through a fully underwritten rights issue at A$24/share (13p/share). In addition, the company has received an unsolicited, non-binding, indicative all-share offer from Sandfire Resources (SFR:AU) at a price of A$0.38/share (21p/share). The board of MOD believes the Sandfire offer undervalues the companyâ€™s assets.

22/01/2019 4 EN

Underlying

Mod Resources Ltd

MOD Resources is principally engaged in the exploration for copper and silver in Botswana and gold in New Zealand.

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AU000000MOD3 Pink OTC Markets Australia

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Ryan Long

Other Reports on these Companies

Edison Investment Research

MOD Resources - Sandfire to acquire MOD

The board of MOD Resources, which holds a 7% interest in the company, has unanimously recommended that shareholders accept the offer by Sandfire Resources (SFR.ASX) to acquire 100% of the company through a scheme of arrangement. The deal is also supported by Metal Tiger (MTR.LON), which will hold up to 20% of MOD Resources.

June 26, 2019 June 26, 2019 2 EN

Edison Investment Research

MOD Resources - Executive interview â€“ MOD Resources

Julian Hanna (MD) and Jacques Janse Van Rensburg (executive manager, business development) of MOD Resources discuss the results of its feasibility study at the T3 Copper Project, located in Botswana. They also look at potential exploration upside at the project and the next steps for the company.

June 11, 2019 June 11, 2019 1 EN

Edison Investment Research

MOD Resources - Company de-risked and metrics improved

The completion of the feasibility study (FS) on the T3 copper-silver deposit, located in Botswana, is an important de-risking event for MOD Resources. The metrics contained in the FS give us a higher level of confidence in our valuation as well as the NPV and IRR calculations completed by the company. With the FS now in hand, MOD Resources can advance its mining licence application and secure the finance required to move T3 into production.

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MOD Resources - Sandfire's bid undervalues MOD

MOD Resources - Sandfire to acquire MOD

MOD Resources - Executive interview â€“ MOD Resources

MOD Resources - Company de-risked and metrics improved

Headlam Group - Strategy for growth in tougher market

paragon - Termination of coverage

ABC arbitrage - Termination of coverage

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