Mesa shareholders to press on with revolt despite takeover ..................................... Mesa Minerals' dissident shareholders have vowed to press on with a shareholder revolt on Friday that could scupper the Pilbara manganese junior's decision to accept a $60 million takeover from contractor Mineral Resources, announced only yesterday.
The shareholders, who say they control 13 per cent of Mesa, yesterday accused the board of acting in a desperate fashion by immediately accepting MinRes' share-swap takeover bid, even before a bidder's statement had been lodged.
Guy Le Page, a spokesman for the dissident investors, said while it welcomed that Mesa's board "appear to have focused" on delivering shareholder value, he said "the timing of (the) takeover announcement should be questioned by Mesa shareholders".
He said his group would push ahead with Friday's requisitioned meeting, at which they are calling for most of the Norm Coldham-Fussell led board to be removed and replaced by their own representatives, including Mr Le Page.
Mr Le Page said he had been "buoyed by the strong support" from other Mesa shareholders.
MinRes has made its takeover offer conditional on Friday's revolt failing as well as its bid receiving an acceptance level of at least 50.1 per cent.
Mesa, whose board has recommended the one-for-70.6 share swap, has committed to paying a $610,000 break fee to MinRes if the takeover is not successful.
The takeover values Mesa at 10.2 a share. Mesa's shares soared 20 per cent to 9.6 yesterday.
Mesa managing director Alan Scott dismissed Mr Le Page's claim of a hurried bid acceptance, saying Mesa had been in on-off talks with MinRes for almost two years. He said another party, which he would not name, had also made an approach.
Mr Scott said MinRes was capable of fast-tracking development of Mesa's Ant Hill and Sunday Hill manganese prospects, and his shareholders would retain equity exposure. ....................................... http://au.news.yahoo.com/thewest/business/a/-/wa/6968160/mesa-shareholders-to-press-on-with-revolt-despite-takeover/ .........................................
Interesting than another party had also made an approach. As others and I posted previously, I believe there is a bit left in this one.
MAS Price at posting:
9.8¢ Sentiment: Hold Disclosure: Held
