Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Apr 2024business combination▼ Bad
Goldway's fifth supplementary statement says it held 83.87% as of 5 April. It plans to replace the board and delist MC Mining from ASX, AIM and JSE, and compulsorily acquire the rest if it reaches 91.08%. A$0.16 is best and final; offer closes 22 April.
10 Apr 2024business combination▼ BadMajor
With the offer unconditional and Goldway's group holding 83.67%, the independent committee reversed course: shareholders should now consider accepting A$0.16. It cites planned delisting, possible compulsory acquisition at 91.075%, poor liquidity and no likely rival bid.
8 Apr 2024business combination▼ BadMajor
Goldway declared its A$0.16 offer unconditional after the minimum acceptance condition was met, and extended it to 22 April 2024. It says no further extension is intended. Goldway's takeover of MC Mining is now effectively assured.
5 Apr 2024business combination▼ Bad
The independent committee criticised Goldway's extension to 19 April as reneging on its 'best and final' statements. Goldway held 76.4% against the 82.19% needed; acceptances were 12.1% of shares. The DO NOT ACCEPT recommendation stands.
5 Apr 2024business combination● Neutral
Goldway's status-of-conditions notice shows its voting power at 80.28%, with the minimum acceptance condition still unmet. The offer closes 19 April unless extended, and will lapse if the condition is not met.
4 Apr 2024business combination● Neutral
The independent committee answers Goldway's fourth supplementary statement, still recommending DO NOT ACCEPT. It denies Vele is on care and maintenance, citing Operation Shandukani, and notes BDO's Vele valuation of ZAR584m (A$46m) and A$0.285 preferred share value.
4 Apr 2024business combination● Neutral
Goldway extended its A$0.16 offer from 5 April to 19 April 2024 using ASIC relief, despite earlier saying it would not extend. The offer was still conditional at this point.
28 Mar 2024business combination● Neutral
Goldway's fourth supplementary Bidder's Statement criticises the independent committee's response and repeats that Vele is on care and maintenance, citing about US$938.5m of accumulated losses. It calls A$0.16 an attractive, certain exit price; the price is unchanged.
25 Mar 2024business combination● Neutral
The independent committee rebuts Goldway's third supplementary statement, maintaining DO NOT ACCEPT. It says BDO's 'neither fair nor reasonable' conclusion and A$0.214-0.356 value stand, and that Vele is not on care and maintenance and insolvency claims are inaccurate.
22 Mar 2024business combination● Neutral
Goldway notified that its A$0.16 bid still lacked the unwaivable 50.1% minimum acceptance, with Goldway's voting power at 71.69%. It plans to declare the offer unconditional and extend 10 business days if the condition is met by 5 April.
21 Mar 2024business combination▼ Bad
Goldway's third supplementary Bidder's Statement says A$0.16 is its best and final offer, with no price increase or extension absent a competing proposal. It argues insolvency risk if shareholders don't accept, citing cash of US$2.0m.
21 Mar 2024business combination▲ Good
The independent committee rebuts Goldway's claims: it denies breaching the Act and says Vele is downscaled, not on care and maintenance. It cites BDO's pre-offer value of A$0.214-0.356 per share (preferred A$0.285) against the A$0.16 bid.
18 Mar 2024business combination▲ GoodMajor
The supplementary Target's Statement includes BDO's independent expert report, which found Goldway's A$0.16 offer neither fair nor reasonable. The independent committee maintains its DO NOT ACCEPT recommendation; the offer closes 5 April 2024.
18 Mar 2024business combination● Neutral
MC Mining announced release of the supplementary Target's Statement. BDO found Goldway's A$0.16 offer neither fair nor reasonable, and the independent committee still unanimously recommends DO NOT ACCEPT. The offer stays open until 5 April 2024 unless extended.
18 Mar 2024business combination● Neutral
Cover notice lodging the supplementary Target's Statement and expert report, with an access letter to shareholders. It repeats that the expert found the A$0.16 offer neither fair nor reasonable and the committee says DO NOT ACCEPT.
15 Mar 2024half year report● Neutral
Half-year accounts to 31 December 2023 are filed. Uitkomst run-of-mine output rose 20% to 268,464t, helped by the Operation Phenduka turnaround, while API4 coal prices averaged US$112/t versus US$265/t a year earlier.
15 Mar 2024half year report▼ Bad
Half-year revenue rose 80% to US$25.2m on Uitkomst volumes and Vele restarting, but loss after tax widened to US$5.8m (US$1.3m before) and cash fell to US$2.0m from US$7.5m at June 2023. Makhado funding had been advanced before the takeover notice.
14 Mar 2024business combination● Neutral
MC Mining acknowledged receipt of Goldway's second supplementary Bidder's Statement and said the independent committee will respond in due course. Shareholders need do nothing until the expert report arrives, due by 18 March; the offer closes 5 April 2024.
14 Mar 2024business combination● Neutral
Goldway's second supplementary Bidder's Statement criticises the Target's Statement, alleging MC Mining breached the Corporations Act by delaying the expert report, and says Vele has been on care and maintenance since January 2024. The A$0.16 price is unchanged.
12 Mar 2024business combination▼ BadMajor
Vulcan Resources told MC Mining it will not make a formal offer, ending the A$0.17-0.20 indicative proposal received the day before. The independent committee's DO NOT ACCEPT recommendation on Goldway's A$0.16 bid is unchanged.
11 Mar 2024business combination▲ GoodMajor
MC Mining received a non-binding indicative proposal from Vulcan Resources (operator of Mozambique's Moatize mine) for a cash takeover at A$0.17-0.20 per share, valuing equity at A$69.3-81.6m. It is above Goldway's A$0.16, but subject to due diligence and not a firm offer.
11 Mar 2024other● Neutral
ASX paused trading in MC Mining shares pending a further announcement. No reason is given in the notice itself; the Vulcan proposal announcement followed the same day.
4 Mar 2024business combination● Neutral
MC Mining announced release of its Target's Statement, repeating the independent committee's DO NOT ACCEPT recommendation on the A$0.16 Goldway bid. BDO's expert report is still being finalised; the offer is open until 5 April 2024 unless extended or withdrawn.
4 Mar 2024business combination● NeutralMajor
MC Mining lodged its Target's Statement on the Goldway A$0.16 cash bid, with the independent committee unanimously recommending DO NOT ACCEPT. The independent expert's report was not ready, and is now due in a supplementary statement around 18 March 2024.
19 Feb 2024business combination● Neutral
Goldway confirmed it has finished sending its Bidder's Statement and supplementary statement to shareholders for the A$0.16 offer. Administrative notice only.
15 Feb 2024business combination● Neutral
Goldway's first supplementary Bidder's Statement adds UK acceptance details (Computershare as UK receiving agent) and a key date of 15 April 2024. The A$0.16 offer terms are unchanged.
15 Feb 2024business combination● NeutralMajor
The independent committee's preliminary view is DO NOT ACCEPT the A$0.16 offer, calling it opportunistic, with too little control premium and little value for exploration assets. The offer needs 50.1% of other shares (82.19% of total) or no one is paid.
5 Feb 2024business combination● Neutral
MC Mining confirmed receipt of Goldway's formal A$0.16 Bidder's Statement dated 2 February. The independent committee says take no action until its Target's Statement, which will include an independent expert's report.
2 Feb 2024business combination● NeutralMajor
Goldway Capital Investment, the consortium's Hong Kong vehicle, formally launched its off-market takeover bid for all MC Mining shares at A$0.16 cash each. This turns the earlier non-binding proposal into a formal offer.
24 Jan 2024business combination● Neutral
The consortium has delayed the Bidder's Statement again, with no revised timetable, though it reconfirmed its intention to make the A$0.16 offer. The independent committee repeats: take no action. Offer still non-binding.
