9th Oct 2019 11:33
(Alliance News) - MOD Resources shares were suspended on Wednesday after Australian regulators received court papers which approved Sandfire Resources NL's takeover of the London-listed copper miner.
MOD Resources on Tuesday said the Supreme Court of Western Australia approved the acquisition, meaning the company's shares would be suspended when the Australian Securities Exchange received the court orders, which happened on Wednesday, as expected.
In June, MOD Resources agreed to a AUD167 million, or GBP92.2 million, takeover by Australian gold and copper mining firm Sandfire.
Metal Tiger PLC, which had a 20% stake in MOD Resources, hailed the deal.
Metal Tiger's Chief Executive Michael McNeilly said: "The completion of the acquisition of MOD by Sandfire is a key milestone in Metal Tiger's history and, in our view, a transformational deal for the Kalahari copper belt.
"We believe that the completion of this deal underlines the value of the Kalahari copper belt and are confident that, with royalties in place, a significant equity interest in Sandfire and our interest in Kalahari Metals Ltd, Metal Tiger is extremely well placed to unlock this value for shareholders."
Shares in Metal Tiger were 7.4% higher at 1.44 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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