Central Asia Metals PLC on Thursday said it has increased the value of its offer for New World Resources once again, matching the price it paid in buying more shares in the company.
Central Asia Metals, or CAM, is a London-based mining firm focused on Kazakhstan and Macedonia. It has offered to pay A$0.062 per share for New World, valuing the ASX-listed mining company at A$230 million.
This is the third time in less than a week that CAM has raised its offer price. CAM on Friday increased the proposal to A$0.053, and later that day, to A$0.055.
CAM’s first price hike on Friday followed the purchase of ‘a substantial stake’ in New World by a new shareholder, which included purchases on the market that exceeded CAM’s original offer price. The second hike came after CAM itself bought around 5% of New World shares.
Similarly, Thursday’s offer increase was to match the price paid as CAM acquired a further 253.0 million New World shares, a 7.1% stake, at A$0.062 each via off-market trades.
Thursday’s price is about 24% higher than the initial offer CAM made back in May, when it proposed to buy New World Resources for A$0.050 per share, around A$88.8 million in total.
CAM and New World on Friday last week adopted a new transaction structure in which CAM will make an off-market takeover in parallel with the acquisition scheme, at the same price, which requires a minimum of 50.1% acceptance vote.
New World’s board recommends the scheme to shareholders, CAM said on Friday, and plans to recommend the parallel takeover offer should the scheme fail.
CAM shares traded up 0.9% at 156.19 pence on Thursday morning in London, for a market capitalisation of £282.2 million. New World shares closed up 3.5% at A$0.059 on Thursday in Sydney for an A$203.8 million market cap.
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