Petaquilla Mines Has Ban On Any Trading Related to the Rights Plan | Monte Friesner Financial News |

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~

Contributed by Henry Lazenby

 

 

BC Regulators Reject Petaquilla Shareholder Rights Plan |

British Columbia (BC) securities regulators had rejected Panama-focused miner Petaquilla Minerals’ shareholder rights plan, dealing the company a blow in its bid to fend off a $140-million hostile takeover offer from Canada-based Inmet Mining.

The BC Securities Commission (BCSC) on Wednesday ruled a ban on any trading related to the plan effective after markets close on Friday.

The ban would cover "trading any securities issued, or to be issued, under, or in connection with, the Petaquilla shareholder rights plan, including, without limitation, any rights issued under that plan and any common shares of Petaquilla to be issued upon the exercise of those rights."

The BCSC would also force Petaquilla to publicly affirm it had waived the shareholder rights plan against Inmet’s offer.

Petaquilla on Monday said its board unanimously rejected a sweetened offer by Inmet, saying it undervalued the company and its “considerable” growth prospects.

Inmet had increased its takeover offer by 25% on the original offer announced on September 5. The company said the new offer represented a 71% premium to the closing price of Petaquilla shares on September 5, before Inmet first announced its offer.

Inmet's offer was seen as a move to consolidate the area around its $6.2-billion Cobre Panama copper/gold project.

Petaquilla's Molejon gold mine is located next to Inmet’s 80%-owned Cobre Panama, which is seen as Panama's largest-ever mine development.

Petaquilla had maintained that Inmet needed some of its land rights in order to complete construction of the Cobre Panama Project; however, Inmet had repeatedly stated this was not the case, and that completion of the project did not hinge on Petaquilla’s cooperation.

Petaquilla’s shares closed down 4 Canadian cents at 60 Canadian cents apiece on Thursday, and that of Inmet closed up 2.16% at C$52.61 apiece.

 

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