Cardinal has obligations under the Bid Implementation Agreement entered into with Shandong Gold Mining and Shandong Gold Mining
Cardinal Resources refers to the unconditional on‐market takeover offer for Cardinal at $0.66 cash per share (Takeover Bid) from Nord Gold) announced on the ASX Market Announcements Platform this morning.
Cardinal notes that it has obligations under the Bid Implementation Agreement entered into with Shandong Gold Mining (HongKong) Co., Limited (Shandong Gold) and Shandong Gold Mining Co., Ltd., on 18 June 2020.
Cardinal also notes that as the Nordgold Takeover Bid was unsolicited, it will need to be considered in detail by the board, together with the special purpose committee and its financial and legal advisers. Cardinal will provide an update to shareholders as soon as it is able.
Having regard to the unsolicited nature of the Nordgold Takeover Bid and the provisions of the Bid Implementation Agreement (which contain, amongst other matters, matching rights in favour of Shandong Gold) Shareholders are advised to TAKE NO ACTION at this time in relation to the Nordgold Takeover Bid.
Cardinal’s joint financial advisors are Maxit Capital LP (Nth America), Hartleys Limited (Australia), Cannacord Genuity Corp. and BMO Capital Markets and its legal advisors are HopgoodGanim Lawyers (Australia) and Bennett Jones LLP (Canada).
Source: Company Press Release