- the announcement made today by
Shandong Gold Mining (HongKong) Co., Ltd. (Shandong Gold) that Shandong Gold has increased its aggregate acceptances in respect of its unconditional off-market takeover offer for Cardinal (Shandong Gold Offer) in excess of 68% of allCardinal Shares ; - the ASX Release by
Engineers & Planners Company Limited (E&P) released on the ASX on31 December 2020 in which E&P stated that it will not proceed with its proposed off-market bid for allCardinal Shares ; - the PR Newswire Press Release1 dated
30 December 2020 byDongshan Investments Limited (Dongshan) stating that it does not wish to waive its minimum 50.1% acceptance condition or proceed with the making of its takeover bid forCardinal Shares ; and - the Nordgold S.E. (Nordgold) On-Market Takeover Bid has expired, Nordgold has stated that the Nordgold Off-Market Takeover Bid will not be dispatched and Nordgold has accepted the Shandong Gold Offer.
Other than the Shandong Gold Offer which is scheduled to expire at
Recommendation of Cardinal Board – Accept the Shandong Gold Offer
The Shandong Gold Offer is due to expire at
a) | the | |
b) | Why you should accept the Offer in section 7 of the Fourth Supplementary Bidder’s Statement from Shandong Gold dated |
In particular, Cardinal notes that if you retain your
Having regard to the above, the Cardinal Board continues to recommend that Shareholders ACCEPT the Shandong Gold Offer (in the absence of a superior proposal), particularly given that:
- Shandong Gold has acquired control of Cardinal and now has relevant interest in over 68% of the Cardinal Shares and is the only remaining bidder offering to acquire your
Cardinal Shares at and offer price of AU$1.075 per Cardinal Share; - Nordgold, E&P and Dongshan will not proceed with their respective takeover bids.
Director Acceptances
The Cardinal Directors who currently collectively hold approximately 3.5% of Cardinal’s Shares have each either accepted, or are in the process of instructing their broker / controlling participant to initiate acceptance of, the Shandong Gold Offer in respect of all of the Cardinal Shares they own or control. Attached to this announcement is a copy of the Appendix 3Y Change of Director’s Interest Notice for those Cardinal Directors whose acceptances have been processed.
Cardinal’s joint financial advisors are
ABOUT CARDINAL
The Company is focused on the development of the
Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of
*
Authorised for release by the Board of
For further information contact:
Company Secretary
P: +61 8 6558 0573
E: sarah@cardinalresources.com.au
Competent / Qualified Person Statement
The scientific and technical information in this announcement that relates to Exploration Results, Mineral Resources and Ore Reserves at the
For further information on the Namdini project please see the Feasibility Study (FS) for the
Disclaimer
Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of
This ASX / TSX press release has been prepared by
This press release contains summary information about Cardinal, its subsidiaries and their activities, which is current as at the date of this press release. The information in this press release is of a general nature and does not purport to be complete nor does it contain all the information, which a prospective investor may require in evaluating a possible investment in Cardinal.
By its very nature exploration for minerals is a high‐risk business and is not suitable for certain investors. Cardinal’s securities are speculative. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to Cardinal and of a general nature which may affect the future operating and financial performance of Cardinal and the value of an investment in Cardinal including but not limited to economic conditions, stock market fluctuations, gold price movements, regional infrastructure constraints, timing of approvals from relevant authorities, regulatory risks, operational risks and reliance on key personnel and foreign currency fluctuations.
Except for statutory liability which cannot be excluded and subject to applicable law, each of Cardinal’s officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this press release and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this Announcement or any error or omission here from. Except as required by applicable law, the Company is under no obligation to update any person regarding any inaccuracy, omission or change in information in this press release or any other information made available to a person nor any obligation to furnish the person with any further information. Recipients of this press release should make their own independent assessment and determination as to the Company’s prospects, its business, assets and liabilities as well as the matters covered in this press release.
Forward‐looking statements
Certain statements contained in this press release, including information as to the future financial or operating performance of Cardinal and its projects may also include statements which are ‘forward‐looking statements’ that may include, amongst other things, statements regarding targets, anticipated timing of the feasibility study (FS) on the Namdini project, estimates and assumptions in respect of mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These ‘forward – looking statements’ are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Cardinal, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Cardinal disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after today’s date or to reflect the occurrence of unanticipated events, other than required by the Corporations Act and ASX and TSX Listing Rules. The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‘estimate’, ‘may’, ‘will’, ‘schedule’ and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this press release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
1 See: https://www.prnewswire.com/ae/news-releases/dongshan-investments-limited-takeover-bid-for-cardinal-resources-limited-855000145.html
PDFs accompanying this press release are available at:
http://ml.globenewswire.com/Resource/Download/d5057c95-df94-4ecd-8291-1d851dba0bc0
http://ml.globenewswire.com/Resource/Download/969b0ee5-a743-461b-85b3-60f94288c47e
Source:
2021 GlobeNewswire, Inc., source