Australian resources company Cape Lambert Iron Ore Ltd (ASX: CFE) confirmed its intention to make an off-market scrip takeover offer for the shares in Corvette Resources Ltd (ASX: COV) it does not already own.
Cape Lambert currently holds a 19.9 percent stake in Corvette, acquired when it bought CopperCo Ltd Limited last month.
In a statement, it said it believes the shareholders of Corvette would achieve greater value for their holding if combined with the significant technical and corporate expertise within Cape Lambert.
“This market is unforgiving for small resources companies, it is difficult to access capital, technical expertise and in the process unlock shareholder value,” said Cape Lambert executive chairman Tony Sage.
“The Cape Lambert board believes it has the technical and corporate expertise to ensure the Corvette Resources asset portfolio is developed in a manner that ensures significant value to all shareholders.”
Cape Lambert is in the process of preparing a formal Bidder’s Statement and will lodge that document with the Australian Securities Exchange and the Australian Securities and Investments Commission shortly.
Cape Lambert noted recent newspaper articles and confirmed that it does not, at this stage, propose to make a takeover bid for Tianshan Goldfields Ltd, Buka Gold Ltd or NiPlats Australia Ltd.
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