- Central Asia Metals
- 20 June 2025 13:01:54
Source: Sharecast
It said the improved terms followed the emergence of a new NWR shareholder buying at above the previously proposed five Australian cents per share price.
The AIM-traded miner also announced it would pursue an alternative parallel structure alongside the original scheme of arrangement, launching a conditional off-market takeover offer at the same price.
It said the new route was subject to a 50.1% minimum acceptance threshold, and would only proceed if the scheme failed.
CAML said it had additionally agreed to provide interim funding of AUD 10m to NWR via a conditional share placement, priced at 5.3 Australian cents per share.
The injection of funds was intended to help NWR meet unexpectedly accelerated bonding obligations for permits related to its Antler copper project in Arizona.
It said the placement was expected to complete on 4 July, assuming no superior proposal emerged within 14 days.
“We have increased the consideration under the Scheme and agreed to commence a parallel off-market takeover offer to provide additional pathways for NWR shareholders to accept our proposed transaction,” said CAML non-executive chairman Nick Clarke.
“We believe our offer, now at greater value per share, represents a compelling transaction for NWR shareholders.”
Gavin Ferrar, CAML's chief executive officer, said the acquisition fit with the firm’s strategy of value-accretive growth in the base metals sector.
“The addition of the Antler Project to our portfolio will give us the potential for near-term growth as it would more than double our production and cash flow once in production,” he said.
The NWR board was still unanimously recommending the scheme, and, should it fail, the takeover offer, subject to the independent expert maintaining its favourable assessment and in the absence of a superior proposal.
CAML said the revised scheme was expected to complete in early to mid-September.
At 1236 BST, shares in Central Asia Metals were up 1.74% at 159.94p.
Reporting by Josh White for Sharecast.com.