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5 stories mentioning ASX:CAYUpdated 2d ago

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Asia

Canyon Resources Recommends Shareholders Take No Action on A2MP Investments' Proposal for Now; Shares Hit Multi-Year Low

Canyon Resources (ASX:CAY) said it is evaluating a response to an off-market takeover proposal from A2MP Investments FZCO and advised shareholders to take no action on the offer for now, according to a Wednesday filing with the Australian bourse.A2MP Investments lodged a takeover bid for all ordinary shares in Canyon that it doesn't already own at AU$0.05 per share in cash. A2MP is the largest shareholder in Canyon, holding a roughly 55.6% stake in the company.Canyon Resources shares fell 31% in recent Wednesday trade to hit their lowest point since October 2023.

ASX:CAY
Asia

Canyon Resources Says Largest Shareholder Lodges All-Cash Off-Market Takeover Bid; Shares Reach Two-Year Low

Canyon Resources (ASX:CAY) said that A2MP Investments FZCO lodged an off-market takeover bid for all the ordinary shares in Canyon for AU$0.05 per share in cash that it does not already own or control, according to a Wednesday Australian bourse filing.A bidder's statement was lodged with the Australian Securities and Investments Commission (ASIC) on Wednesday. A2MP Investments is owned by Eagle Eye Asset Holdings and FEDA Mining Investments. It is the largest shareholder in Canyon, holding a 55.56% stake in the firm together with its associates.The offer implies an equity value for Canyon of AU$103 million and an enterprise value of around AU$188 million.The offer is subject to a 75% minimum acceptance condition and a customary "no prescribed occurrences" condition.Its shares declined 19% in recent trading on Wednesday, reaching the lowest point in over two years.

ASX:CAY
Wire

Canyon Resources Says Cameroon Unit Received Locomotives Delivery; Non-Executive Chairman to Retire; Shares Down 5%

Canyon Resources (ASX:CAY) said its subsidiary in Cameroon has received a delivery of locomotives to support development activities at the local Minim Martap bauxite project, according to a Friday filing with the Australian bourse.Mining at the project is due to start in the third quarter, while the first bauxite shipment from Minim Martap remains on track for the fourth quarter, per the filing.Additionally, the company said Mark Hohnen will retire as its non-executive chairman, effective Aug. 25.Canyon Resources shares fell nearly 5% in recent Friday trade.

ASX:CAY
Asia

Canyon Resources' Cameroon Unit Raising Stake in Local Rail Transportation Firm for AU$23.8 Million

Canyon Resources' (ASX:CAY) Camalco Cameroon subsidiary is set to raise its stake in Camrail, the country's primary rail transportation firm, to 26.9% from 9.1% for consideration of about AU$23.8 million, according to a Friday filing with the Australian bourse.The larger stake will help the company secure timely bauxite transportation slots with Camrail, and is also expected to de-risk its mine-to-port logistics chain as it nears first production at the Minim Martap bauxite project.The deal is expected to close in the second quarter.The Cameroon subsidiary has also completed a roughly AU$800,000 investment in Terminal Bois du Port de Douala for a 42.8% stake in the operator of the Port of Douala, boosting Canyon Resources' control over export logistics.The company's shares fell 3% in recent Friday trade.

ASX:CAY
Asia

Canyon Resources CEO Resigns for Personal Reasons

Canyon Resources (ASX:CAY) CEO Peter Secker has resigned due to personal reasons but will remain in the role over the coming months to help the company navigate a transition to production at its Minim Martap bauxite project in Cameroon, according to a Monday filing with the Australian bourse.Secker has also agreed to be available for longer, if needed, to support the executive recruitment process and ensure operational continuity, per the filing.Meanwhile, Mark Hohnen has transitioned into the non-executive chairman role.The company said it has mobilized a surface miner to the Daniel Plateau deposit at Minim Martap, with trial mining operations due to start in April. Canyon Resources is targeting first production in the second quarter and the first ore shipment in the third quarter.The company further said its current cash position, alongside an existing debt financing facility, is sufficient to fully support the capital expenditure needs for the first ore shipment.Shares of Canyon Resources were down 9% on market close.

ASX:CAY

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