Central Asia Metals (LSE:CAML) has increased its stake in New World Resources (ASX:NWC) to approximately 12.1% of the issued capital. This follows the close of an after-market purchase scheme in which Central Asia Metals acquired 253.02 million shares of New World Resources.
The company initially purchased 7.1% of New World’s issued capital at $0.062 per share on June 26, before proposing an increase to the cash consideration. Central Asia Metals then raised its offer from $0.55 to $0.62 per share under an improved scheme, valuing New World’s equity at approximately $230 million.
The improved consideration represents a 121.4% premium to New World’s closing price of $0.028 and a 142.7% premium to its 30-day volume-weighted average price (VWAP) as of May 20. Both companies plan to execute separate deeds of variation to the scheme implementation deed, with announcements to follow upon completion. New World Resources will also conduct an off-market takeover bid alongside this purchase.
Central Asia Metals focuses on sustainable base metal production vital for modern living, operating in Kazakhstan and North Macedonia. New World Resources is an Australian company dedicated to developing mineral resource projects in North America.
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