Wyloo Consolidated Investments Pty Ltd, a subsidiary of Wyloo Metals Pty Ltd, announced today an on-market takeover offer (the Offer) for any Mincor Resources NL shares not owned by Wyloo Consolidated, Wyloo Metals, or Tattarang Pty Ltd as trustee for The Peepingee Trust (collectively Wyloo).
According to Wyloo, the planned acquisition of Mincor is consistent with its strategy of investing in and developing projects that will generate the raw materials required for the global economy’s rapid decarbonisation.
The $1.40 cash per share offer indicates a fully diluted equity value for Mincor of about A$760 million. Wyloo Metals said the Offer constitutes a 35% premium to the closing price of Mincor shares on 20 March 2023, the final trading day prior to the announcement, of $1.04 per share.
Wyloo believes that the Offer represents good value for Mincor shareholders, especially given the current risks and uncertainties involved with staying a Mincor shareholder in the face of current economic and equity market challenges. Wyloo believes these concerns are weighing on Mincor’s valuation, as evidenced by the 49% drop in its share price over the last year.
According to Wyloo, shareholders wishing to sell their shares under the Offer will receive a specific and immediate value for their shares at a significant premium to the closing price of Mincor shares on 20 March 2023, with the cash consideration payable on a T+2 basis.
The Offer period officially begins on 5 April 2023 at 8:00 a.m. (Perth time), but Mincor shareholders can sell their Mincor shares on the open market to Wyloo Consolidated beginning at 8:00 a.m. (Perth time) on the date of this announcement.
“Wyloo is providing an immediate opportunity for all Mincor shareholders who wish to dispose of their holdings to do so at a significant premium to Mincor’s last closing price. Wyloo’s Offer is unconditional; shareholders can sell into Wyloo’s on-market bid today and receive certain cash value for their Mincor shares,” Wyloo Metals CEO Luca Giacovazzi said.
Wyloo Consolidated urges all Mincor shareholders to carefully and thoroughly read its bidder’s statement dated 21 March 2023 concerning the Offer (Bidder’s Statement) before deciding whether to accept the Offer. The Bidder’s Statement contains additional information on why Wyloo Consolidated believes Mincor shareholders should accept the Offer and other information about the Offer.
