London-Based Nord Trumps Shandong Offer For African Miner
Cardinal Resources Limited’s (ASX / TSX: CDV) board has advised shareholders to take no action on an unconditional on‐market takeover offer for the company made by Nord Gold SE.
London-headquartered Nord Gold, via Australian stockbroking firm Taylor Collison, announced an unsolicited A$0.66 cash per share offer for Cardinal via the ASX platform.
Taylor Collison announced that (on behalf of Nordgold) it will buy up to a maximum of 170,000,000 Cardinal shares (being approximately 32.32% of Cardinal shares currently on issue which are not already owned by Nordgold and its associates.
It noted that Nord Gold’s unconditional cash offer of A$0.66 per Cardinal share is 10% higher in price than Shandong Gold Mining (Hong Kong) Co, Ltd’s conditional off-market bid at $0.60 per Cardinal share.
The Cardinal Board noted that it has obligations under the Bid Implementation Agreement entered into with Shandong Gold Mining
Cardinal also noted that as the Nordgold Takeover Bid was unsolicited, it will need to be considered in detail by the board, together with the special purpose committee and its financial and legal advisers.
Cardinal’s key asset is the undeveloped Namdini Gold Project in Ghana, West Africa.
