Ramelius wants Takeovers Panel to resolve dispute with target Explaurum
Mining & Resources
Gold miner Ramelius Resources has gone to the government’s Takeovers Panel to resolve its messy battle with junior takeover target Explaurum.
Explaurum (ASX:EXU) went into a trading halt this morning pending an announcement.
Ramelius (ASX:RMS) says initial talks with Explaurum in June followed the release of a feasibility study on Explaurum’s flagship Tampia gold project near Perth.
The Tampia prospect has an inferred resource of 324,000oz of gold.
Ramelius’s submission to the Takeovers Panel alleges Explaurum undervalued its September offer in statements that were not “soundly-based or reasonable”.
It also said Explaurum’s valuations of Tampia were not “objectively reasonable”, and that its statement contains a number of “misleading statements”, according to the submission.
Ramelius’s takeover bid was not taking place in an efficient, competitive and informed market, the miner claimed.
Ramelius wants the Takeovers Panel to stop Explaurum from reiterating any undervalue statement, or any statement about its takeover offer.
It also wants Explaurum to lodge another target’s statement that changes earlier statements.
The Takeover Panel said a sitting panel had not been appointed at this stage and no decision had been made whether to conduct proceedings.