20th Jun 2025 10:51
(Alliance News) - Central Asia Metals PLC raised its bid for New World Resources Ltd twice in one day on Friday, its third offer in total, after buying around 5% of New World shares.
Central Asia Metals, a London-based mining firm focused on Kazakhstan and Macedonia, increased its offer for ASX-listed New World Resources to AUD0.055 per share from the AUD0.053 revised bid announced earlier on Friday, which had valued New World at AUD197 million, or GBP94.8 million. CAM's original offer was for AUD0.050, worth GBP88.8 million.
This comes after CAM reported its purchase on Friday of about 178.8 million New World shares at AUD0.055 each, which equates to 5% of New World equity. This is an increase from the AUD0.053 price CAM indicated earlier on Friday, when the firm shared plans to fundraise for New World via a share placement.
CAM and New World agreed to a proposed takeover structure, in which CAM will make an off-market takeover offer in parallel with the scheme. This still stands, though the price has also increased to AUD0.055 per share from the previous AUD0.053.
Further documentation formalising the price rise will be released after the firms have executed a deed of variation, CAM said.
CAM shares were up 0.6%to 158.20 pence on Friday morning in London, giving it a GBP287.9 million market capitalisation. New World closed up 7.7% at AUD0.056 on Friday in Sydney for a AUD208.1 million market cap.
By Holly Munks, Alliance News reporter
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