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Friday, 23 August 2013
Afferro Mining shareholders to vote on IMIC takeover next month
Afferro Mining (LON:AFF, CVE:AFF) has revealed it will hold a special meeting with shareholders on September 16 to vote on the takeover bid from AIM-listed iron ore peer International Mining & Infrastructure (LON:IMIC).
IMIC has tabled a 120p a share bid for Afferro, which consists of 80p in cash and a convertible loan note worth a further 40p. It is now waiting on the approval from Afferro's shareholders to give the US$200 million acquisition the green light.
IMIC’s takeover of Afferro will be transformational for the latter’s flagship project, the 2.5bn tonne Nkout iron ore deposit in Cameroon.
The plan is to create the infrastructure required (namely rail and port) to get ore from the mine to the leading export markets of the world.
On completion of a deal, Afferro will become a wholly-owned subsidiary of IMIC.