1st Apr 2016 14:59
LONDON (Alliance News) - Worthington Group PLC on Friday said it has been granted an eleventh extension on the deadline by which Nuna Minerals must either announce a firm intention to make an offer for Worthington or walk away.
The deadline is now 1700 BST on April 29.
The investment company agreed a deal with Nuna in May 2015, but has requested repeated extensions to the offer deadline whilst Nuna tries to secure funding for the deal from Greenland Mining Management Ltd.
Nuna is in talks to obtain 'rescue' refinancing from Greenland, with a view to then subsequently making an offer for Worthington.
Worthington added on Friday it understands that progress has been made in relation to the proposed refinancing of Nuna by Greenland.
"There can be no certainty that these discussions will lead to an offer being made for the company, nor as to the terms on which any offer may be made," Worthington said in a statement.
Shares in Worthington were untraded on Friday, last quoted at 85.50p.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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