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Asia

Canyon Resources Says Takeovers Panel Accepts Undertakings Over A2MP Takeover Bid

Canyon Resources (ASX:CAY) said the Takeovers Panel has accepted undertakings from the company and A2MP Investments over concerns about the management of confidential information and the independence of Canyon's independent board committee (IBC) during A2MP's takeover bid, according to an Australian bourse filing on Monday after market hours.The company must amend its IBC charter to safeguard against insider influence and unauthorized disclosure of confidential information, while A2MP must neither access nor receive such information without IBC approval and must implement a Panel-approved nominee protocol, per the filing.The undertakings will remain in effect until the later of the bid closing or lapsing, or the determination of the proceedings, the filing said.The Panel's interim orders also prevent A2MP from processing acceptances or declaring the bid unconditional without its consent, the filing added.

ASX:CAY
Asia

Canyon Resources Says A2MP Investments Acquisition Offer Remains Subject to Conditions

Canyon Resources (ASX:CAY) said A2MP Investments' offer to acquire the company remains subject to certain conditions including minimum acceptance levels, which have not yet been fulfilled, according to a Monday filing with the Australian bourse.A2MP's voting power in Canyon is about 56.6%, comprising about 1.17 billion shares, per the filing. It is looking to acquire the remaining shares in Canyon for AU$0.05 each.Canyon Resources shares gained over 2% in recent Monday trade.

ASX:CAY
Asia

Canyon Resources Says A2MP Investments Declares Takeover Offer Price Best, Final; Shares Down 4%

Canyon Resources (ASX:CAY) said A2MP Investments declared that the offer price under its takeover bid of AU$0.05 per Canyon Resources share is best and final and will not be increased in the absence of a competing proposal, according to a Friday Australian bourse filing.The takeover bid closes on Sept. 21 and will not be extended, unless required by operation of law, A2MP added. A2MP, together with its associates, remains Canyon's largest shareholder, holding a 56.63% stake in Canyon, based on acceptances received.A2MP determined that it would not waive the defeating conditions, per the filing. It was restrained from declaring the offer free from any defeating conditions due to interim orders made by the Takeovers Panel.The resource development company's shares were down 4% in recent Friday trade.

ASX:CAY
Asia

Canyon Resources Urges Shareholders to Reject A2MP Investments' Takeover Bid

Canyon Resources' (ASX:CAY) independent board committee recommended that its shareholders reject A2MP Investments' unsolicited takeover bid after an independent expert determined that the offer is neither fair nor reasonable to Canyon shareholders, according to a Tuesday filing with the Australian bourse.A2MP Investments sought to acquire all of the shares it does not already own in Canyon for AU$0.05 each, subject to conditions. It currently holds a roughly 55.6% stake in Canyon.The board committee said that the offer materially undervalues Canyon, is at a substantial discount to Canyon's recent trading prices, and is unfair to minority shareholders given A2MP's existing controlling shareholding. The firm said that A2MP's claims regarding the Minim Martap project are unsubstantiated.Its shares rose 2% in recent trading on Monday.

ASX:CAY
Asia

Canyon Resources Says AFG Bank Suspends Loan Facility Disbursements Pending Review of Cameroon Bauxite Project Details; Shares Fall 3%

Canyon Resources' (ASX:CAY) unit, Camalco Cameroon, received a formal notice from AFG Bank Cameroon, informing that it is suspending all further disbursements under the loan facility until a full review of the development schedule, financial model, and other financial inputs for the Minim Martap bauxite project in Cameroon, as well as a site visit are completed to the satisfaction of the lenders, according to a Monday Australian bourse filing.The company withdrew its previously announced development schedule, including the target of first shipment in the December quarter, pending certainty regarding funding and transhipping arrangements. It could not achieve the first shipment due to the suspension of additional debt drawdown capacity by AFG, per the filing.It added that the takeover bid by A2MP Investments FZCO has materially constrained its access to funding, including through ASX Listing Rule restrictions on equity capital raising during a bid period.Mark Hohnen informed the board that he reconsidered his retirement position and will not be stepping down as non-executive chairman until the current A2MP Investments takeover bid process is completed, per the filing.Canyon Resources' shares fell nearly 3% in recent trading on Monday.

ASX:CAY
Asia

Canyon Resources' Independent Board Committee Asks Shareholders to Take No Action on A2MP Investment's Acquisition Bid

Canyon Resources (ASX:CAY) said its independent board committee recommended that shareholders take no action on A2MP Investments FZCO's offer to acquire the company until they receive a formal recommendation from the committee, according to a Tuesday filing with the Australian bourse.A2MP Investments, a majority shareholder of Canyon Resources, is looking to acquire all the ordinary shares in the company that it doesn't already own for AU$0.05 per share in cash.The independent board committee is assessing the takeover bid and will update shareholders in due course, Canyon said.

ASX:CAY
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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