8th Oct 2019 12:42
(Alliance News) - MOD Resources Ltd on Tuesday said an Australian court has approved of Sandfire Resources NL's takeover of the London-listed copper miner.
Both the Botswana-focused company and its investor Metal Tiger PLC noted the approval given by the Supreme Court of Western Australia.
In June, MOD Resources agreed to a AUD167 million, about GBP92 million, takeover by Australian gold and copper mining firm Sandfire.
If Australian regulators receive a copy of the court orders on Wednesday, as expected, MOD Resources shares will be suspended from trading on the Australian Stock Exchange later that day.
Wednesday is also expected to be the last day the company's shares can be traded on the London Stock Exchange.
Shares in MOD Resources were untraded in London on Tuesday afternoon, last closing at 22.75 pence each. Metal Tiger shares were trading flat at 1.33p.
By Eric Cunha; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
MTR.LMOD.L