Hummingbird takeover offer to be declared unconditional

THE delisting of Hummingbird Resources moved a step forward on Friday after the gold miner’s main shareholder Nioko waived outstanding conditions on its takeover offer of 2.6777 pence per share in cash.As a result, the offer will be unconditional once it is made. Offer documents are expected to be issued to shareholders by January 13.Another proposal to convert Hummingbird’s debt to equity is also being implemented. On December 24, $4.55m of a $30m loan provided by lender CIG Loan had been converted into 130,958,159 Hummingbird shares. This is at the same price as the cash offer to minority shareholders in Hummingbird.“Nioko intends to proceed with the cancellation of the admission to trading of the company’s ordinary shares on AIM, once a sufficient level of acceptances under the offer is reached such that Nioko would hold at least 75% of the ordinary shares of the company then exercisable at a general meeting of the company’s shareholders,” Hummingbird said in an announcement today.“I am delighted that Nioko has taken this step to waive all remaining conditions in connection with the offer which can now proceed quickly to completion,” said Geoff Eyre, interim CEO of Hummingbird Resources.Hummingbird ran into operational and financial problems last year after it failed to commissioin its Kouroussa mine in Guinea on time. There was also underperformance of its Yanfolila mine in Mali.The post Hummingbird takeover offer to be declared unconditional appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com