Goldway ups MC Mining interest as time ticks on takeover offer

(Alliance News) - Goldway Capital Investment Ltd on Friday warned that MC Mining Ltd has until April 5 to accept its acquisition offer.

MC Mining, a South Africa-focused coal mine developer based in Canberra, Australia, said on Thursday that it held to its recommendation that its shareholders should reject Goldway's offer of 16 Australian cents, or approximately 8.28 pence.

MC Mining shares were down 1.4% at 7.15p each on Friday in London. They were untraded at ZAR1.99 each in Johannesburg, having last traded on Wednesday.

Goldway, a consortium including MC Mining's largest shareholders Senosi Group Investment Holdings and Dendocept, first launched its takeover bid for MC Mining in February.

However, MC Mining said the offer was "significantly" below its valuation range assessed by an independent expert of between AUD0.21 and AUD0.36 per share, with a preferred value of AUD0.29.

On Friday, Goldway said it had on Thursday increased its voting rights in MC Mining, to 71.69% from 66.70% on Wednesday.

Goldway also said the "defeating condition" of its offer has not yet been fulfilled. This requires acceptances from stakeholders representing at minimum 50.1% of shares in MC Mining.

Goldway reaffirmed that its offer will close on the evening of Friday, April 5.

By Emma Curzon, Alliance News reporter

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