Cardinal Resources Ltd (CRDNF) Shandong Gold Mining Offers $1.00 per Share
In respect of the recommended and unconditional all cash Offer by Shandong Gold Mining (HongKong) Co., Limited (HKG:1787) for all of the ordinary shares in Cardinal Resources Limited (ASX:CDV) (FRA:C3L) (OTCMKTS:CRDNF) (TSE:CDV).
Shandong Gold Mining Co., Ltd (Shandong Gold), the holding company of the Bidder, and the Bidder reiterate that the highly attractive Offer price is the highest offer price currently available to shareholders, which represents a significant premium of:
- 11.1% to Nordgold Offer price of $0.90 per share announced on 2 September 2020;
- 300% over the closing price of $0.25 of Cardinal Shares on 13 March 2020 (being the last unaffected share price prior to the Nordgold Indicative Proposal);
- 192.7% over the 20-day volume weighted average price of $0.342 of Cardinal Shares up to 13 March 2020 (being the last trading day prior to the Nordgold Indicative Proposal); and
- 176.0% over the 6-month weighted average price of $0.362 of Cardinal Shares for the period up to 13 March 2020 (being the last trading day prior to the Nordgold Indicative Proposal).
The Cardinal Directors continue to unanimously recommend that Cardinal Shareholders accept the Offer in the absence of a Superior Proposal. As announced by Cardinal on 15 September 2020, all Cardinal Directors who held Cardinal Shares at that time accepted the Offer in relation to the Cardinal Shares they held at that time.
To view the bidder statement, please visit:
https://abnnewswire.net/lnk/FK22YLN4
T: 1300 148 804 (toll-free within Australia) or +61 3 9415 4305 Canadian Branch Shareholders call: T: 1-800-564-6253
News Provided by ABN Newswire