MC Mining’s independent board committee (IDC) said yesterday that Goldway Capital Investment has continued to criticise the IDC and attempt to dismiss the findings of the Independent Expert, in an effort to justify Goldway’s A$0.16 (R1.96) offer price.
The IDC had earlier found that the Goldway offer “significantly undervalues,” MCM, and the IDC had advised MCM shareholders not to accept the offer, a recommendation that was reconfirmed yesterday, a statement from MC Mining said.
BDO had assessed the value of an MCM share prior to the offer, at between A$0.214 and A$0.356, with a preferred value of A$0.285 per MCM share.
The Independent Expert's Report, prepared by BDO Corporate Finance, had concluded the offer was neither fair nor reasonable to shareholders.
In Goldway's Fourth Supplementary Bidder's Statement on March 28, it had sought to “call into question the view adopted by the IDC response, as well as that of the Independent Expert and SRK, on the value of MCM".
However, BDO Corporate Finance, the Independent Expert and SRK Consulting (Australasia) had provided a professional independent valuation in accordance with industry standards, MCM said.
Goldway had also continued to falsely assert that Vele had been placed "under care and maintenance", but no decision to this effect had been taken, and no care and maintenance programme had been prepared, MCM said in the statement.
The current production optimisation strategy for Vele, Operation Shandukani, was progressing, MC Mining said.
BUSINESS REPORT