Cauldron Energy Limited cancelled the acquisition of Energia Minerals Limited from a group of investors.
The transaction is subject to minimum acceptance of at least 90% shareholders of Energia, approval from shareholders of Energia, no restraining orders, no material adverse effect and regulatory approvals. The Directors of Energia Minerals advised to take no action in relation to the offer. As on April 2, 2013, the substantial shareholders of Energia Minerals, together holding 48.19%, have rejected the offer. The bidders' statement was filed on May 2, 2013. If the offer closes and the conditions are not satisfied or waived, the offer will lapse. The tender offer will commence on May 16, 2013.
As on May 6, 2013, Board of Directors of Energia Minerals reiterated its previous advice to shareholders to take no action in relation to the takeover offer by Cauldron Energy. As on May 16, 2013, the offer will close on August 16, 2013. As on July 25, 2013, the Directors of Energia Minerals unanimously recommended that Energia shareholders should reject the offer. As of July 26, 2013, the deal has been postponed to November 16, 2013. Also, majority shareholders Cape Lambert and Qiu Derong have entered into loan agreements of AUD 0.66 million and AUD 0.84 million respectively which is subject to regulatory approval. Charles Arve and his associated entities do not intend to accept the offer as on July 30, 2013. Cauldron has received acceptances representing only 0.27% of the issued capital of Energia. As of November 6, 2013, the offer is extended to February 16, 2014. As of February 6, 2014, the offer is extended to May 1, 2014 and Energia Minerals shareholders who have accepted the offer can withdraw the acceptance till March 6, 2014. There have been acceptances for only 0.18%. The offer will expire on May 1, 2014 if not accepted and will be withdrawn.
David Tasker and Colin Jacoby of Professional Public Relations acted as PR advisor for Cauldron Energy. Steinepreis Paganin acted as legal advisor for Cauldron while Advanced Share Registry acted as registrar for Cauldron. Bentley's acted as accountant for Cauldron. BDO Corporate Finance (WA) Pty Ltd acted as financial advisor, Corrs Chambers Westgarth acted as legal advisor and Security Transfer Registrars Pty Ltd acted as registrar for Energia Minerals Limited. CSA Global Pty Ltd acted as valuer for Energia Minerals Limited. Nicholas Read of Read Corporate acted as public relations advisor for Energia Minerals. The fee for BDO Corporate Finance (WA) Pty Ltd advising was AUD 35,000.
Cauldron Energy Limited (ASX:CXU) cancelled the acquisition of Energia Minerals Limited (ASX:EMX) from a group of investors on May 1, 2014.