Takeover provides easier access to capital
Bushveld has proposed an off
-market takeover bid for Lemur Resources
for A$0.06
– a share valuing
Lemur’s
entire share capital at A$10.9m
(£5.6m). To support the bid and
to
satisfy Bushveld’s small capital
requirement of A$4.0m (£2.0m) to buy the remaining Lemur shares it does
no
t already own
(36.4%)
, it has entered into a subscript
ion agreement with
Riveridge
for
a six
-m
onth
convertible loan note providing £2.6m. The
takeover, if completed, will
allow Bus
hveld
easier
access to Lemur’s
cash
of
c A$
13.0m
and full control over its coal assets
, maki
ng
it value-
accretive. We would expect Bushveld to use these additional cash
reso
urces to
progress its
own
vanadium and tin p
rojects
in South Africa
.
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