Wyloo Metals announces on-market takeover offer for Mincor Resources

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Wyloo Consolidated Investments Pty Ltd (Wyloo Consolidated), a subsidiary of Wyloo Metals Pty Ltd (Wyloo Metals), has today announced an on-market takeover offer (the Offer) for all of the shares in Mincor Resources NL (ASX: MCR) (Mincor) that are not owned by Wyloo Consolidated, Wyloo Metals or Tattarang Pty Ltd as trustee for The Peepingee Trust, (collectively Wyloo).

Wyloo is Mincor’s largest shareholder, with an interest of 19.9% of Mincor’s fully paid shares. The proposed acquisition of Mincor is in line with Wyloo’s strategy to invest in and develop projects that will produce the raw materials needed for the rapid decarbonisation of the global economy.

The Offer price of $1.40 cash per share implies an equity value for Mincor of approximately A$760 million on a fully diluted basis and represents a 35% premium to the closing price of Mincor shares on 20 March 2023, the last trading day prior to this announcement, of $1.04 per share.

Wyloo believes that the Offer represents attractive value to Mincor shareholders, particularly given the current risks and uncertainties associated with remaining a Mincor shareholder in the face of prevailing economic and equity market risks. Wyloo considers these risks may be weighing on Mincor’s valuation, as demonstrated by the 49% decline in its share price over the last 12 months.

Under the Offer, shareholders who wish to dispose of their shares will receive certain and immediate value for their shares at a significant premium to the closing price of Mincor shares on 20 March 2023, with the cash consideration payable on a T+2 basis. The Offer period officially commences at 8:00 am (Perth time) on 5 April 2023 but Mincor shareholders can sell their Mincor shares on-market to Wyloo Consolidated from 8:00 am (Perth time) on the date of this announcement.

Wyloo Metals CEO, Luca Giacovazzi said; “Wyloo is providing an immediate opportunity for all Mincor shareholders who wish to dispose of their holdings to do so at a significant premium to Mincor’s last closing price. Wyloo’s Offer is unconditional; shareholders can sell into Wyloo’s on-market bid today and receive certain cash value for their Mincor shares.”

Wyloo Consolidated encourages all Mincor shareholders to read its bidder’s statement dated 21 March 2023 in relation to the Offer (Bidder’s Statement) carefully and in its entirety before deciding whether to accept the Offer. The Bidder’s Statement includes further information as to why Wyloo Consolidated believes Mincor shareholders should accept the Offer and other information in relation to the Offer.

Wyloo Consolidated has engaged BofA Securities to act as its financial adviser and Clayton Utz to act as its legal adviser with respect to the transaction.

For further information on the transaction, including how to accept the Offer, please refer to the Bidder’s Statement and announcement released on the Australian Securities Exchange today:

Bidder’s statement

Broker Letter

First supplementary bidder’s statement

Extension notice – Wyloo Metals

Broker announcement extension notice

Second supplementary bidder’s statement