Metals X Limited (ASX:MLX) Makes Partial Offer for Greentech Shares
Partial Offer Announcement
Metals X Limited (ASX:MLX) has notified Greentech Technology International Limited of its firm intention to make a pre-conditional voluntary cash partial offer for up to 382,480,000 shares, representing 28% of Greentech’s issued share capital, at HK$0.35 per share.
Offer Details
The partial offer follows Greentech’s failure to address pre-conditions set by Metals X. Metals X does not currently own any Greentech shares, with associated parties holding only 0.06% of the issued share capital. The offer is subject to the satisfaction of specific pre-conditions, including consent from the Executive under the Takeovers Code.
Financial Considerations
The total cash consideration for the offer is HK$133,868,000, which Metals X will finance through internal resources. Yu Ming Investment Management Limited, the financial adviser, confirmed adequate financial resources are available for the offer upon full acceptance.
Company Overview
Metals X’s principal asset is its 50% interest in the Bluestone Mines Tasmania Joint Venture, owning and operating the Renison Tin Mine. The remaining interest is indirectly held by Greentech through its non-wholly owned subsidiary.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.
