Hill Dickinson’s London Corporate team has provided English law and regulatory advice to Goldway Capital Investment Limited on its all-cash takeover offer for the shares of MC Mining Limited (MCM).
The Hill Dickinson team advising Goldway Capital was led by partner Sam Hudson.
MCM is an emerging developer of high-quality coking and thermal coal assets, located primarily in the Limpopo province of South Africa. It is an Australian company listed on the Australian Securities Exchange and the Johannesburg Stock Exchange. Prior to completion of the takeover offer, the company was listed on the AIM market of the London Stock Exchange. The takeover was completed in accordance with Australian law.
Pursuant to the offer, Goldway Capital made an offer to acquire all shares held by shareholders other than the consortium acting in conjunction with Goldway Capital, representing circa 35.7% of the issued shares of MCM. The offer price for the transaction was AU$0.16 per MCM share, with the total consideration payable pursuant to the offer being AU$23,295,966.72, which valued MCM’s entire issued share capital at AU$65,254,808.74.
The offer was declared unconditional on 8 April 2024 and completed on 22 April 2024, which led to Goldway Capital (together with the consortium acting in conjunction with it) holding 93.05% of the issued shares of MC Mining. Following completion of the offer, Goldway Capital instigated a compulsory buyout procedure to increase its holding in MCM to 100%.
It was a pleasure to be able to assist Goldway Capital with regard to its takeover offer for MCM. We wish the consortium well as it looks to develop the projects owned by MC Mining.Sam Hudson
Partner
Commenting for Hill Dickinson, Sam Hudson said: “It was a pleasure to be able to assist Goldway Capital with regard to its takeover offer for MCM. We wish the consortium well as it looks to develop the projects owned by MC Mining.”