Atlantic Lithium chairman explains rejection of two takeover offers
November 16, 2023 at 11:06 am EST
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Atlantic Lithium Ltd (AIM:ALL, OTCQX:ALLIF, ASX:A11) chairman Neil Herbert speaks with Proactive after announcing the company has twice rejected a takeover approach from its major shareholder, Assore International, worth just over £200 million. Assore offered to buy all the shares it does not own at a price of 33p or around a 60% premium to the close in London on Tuesday this week. Herbert says the company’s independent directors committee (IBC) considered the latest approach, which was at the same price as an earlier approach on 2 October, before rejecting it as it did with the first.
In regard to an updated target price, Liberum analyst Yeun Low wrote in a note to clients this week: "In the absence of competing offers, we believe our updated target price balances upside potential against the various risks associated with (and not limited to) permitting, funding, exploration, development, construction and ramp-up,"
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Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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Atlantic Lithium Limited is an Australia-based lithium-focused exploration and development company with assets in Ghana and Cote dâIvoire, West Africa. The Company is advancing its flagship Ewoyaa Lithium Project. In Ghana the Company holds approximately 560 square kilometers (km2) of granted and under application tenure. In Cote dâIvoire, the Company holds approximately 774 square kilometers of under application lithium tenure within prospective Birimian terrain. The Ewoyaa Lithium project occurs within 110 kilometers of an operating deep-sea port, within one kilometers of a bitumen high-way and adjacent to grid power. In Cote dâIvoire, the Company has two applications covering 774 km2 for lithium and associated minerals which covers prospective fractionated granitic intrusive centers with lithium and columbite-tantalum occurrences and outcropping pegmatites.