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8 stories mentioning ASX:FEGUpdated 7d ago

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Asia

Xingye Silver & Tin Mining Secures 70.8 Million Shares in Far East Gold Takeover Offer

Inner Mongolia Xingye Silver &Tin Mining (SHE:000426) completed its off-market takeover offer for Far East Gold (ASX:FEG), securing 70.8 million shares at AU$0.13 each, according to a weekend filing with the Shenzhen bourse.Following the transfer of all accepted shares, the company's Hong Kong subsidiary now holds 144.2 million shares, representing 34.57% of Far East Gold and remaining as the largest shareholder.Shares of the mining company were down 1% in recent trade.

ASX:FEGSHE:000426
Asia

Far East Gold Urges Shareholders to Reject Xingye's Unconditional Takeover Offer

Far East Gold (ASX:FEG) reaffirmed its unanimous recommendation that shareholders reject Xingye Gold's unconditional takeover bid, arguing the offer significantly undervalues the company despite a potential price increase contingent on the bidder securing majority control, according to an Australian bourse filing on Tuesday after market hours.The independent board committee said the offer remains well below the independent expert's assessed fair value range of AU$0.324 to AU$0.444 per share, even if the consideration rises to AU$0.15 per share upon Xingye obtaining more than 50% voting power by July 29, per the filing.The board cited a non-binding proposal valuing the Trenggalek project at $40 million as further evidence that the takeover offer does not reflect the company's asset value, the filing said.The company also rejected Xingye's criticisms of the independent expert's report and disputed the bidder's claims regarding its Indonesian project tenure and historical rent obligations, the filing added.In a separate filing, Xingye said its off-market takeover bid for the company has become wholly unconditional after fulfilling or waiving all defeating conditions under the Corporations Act, and that it now holds a 33.9% voting interest in the company.

ASX:FEG
Asia

Far East Gold's Independent Board Committee Continues to Oppose Xingye Gold Offer

Far East Gold's (ASX:FEG) independent board committee lodged a supplementary target statement reiterating its view that a takeover offer from Xingye Gold (Hong Kong) Mining is neither fair nor reasonable, according to a Wednesday filing with the Australian bourse.Xingye has proposed to acquire Far East Gold for AU$0.13 per share in cash, with the consideration potentially increasing to AU$0.15 if Xingye obtains an interest of more than 50% in the company on a fully diluted basis by July 21.The independent committee believes the offer is opportunistic and materially undervalues Far East Gold at both consideration levels. It continues to recommend that Far East shareholders reject the proposal, per the filing.

ASX:FEG
Asia

Far East Gold Recommends Shareholders Reject Off-Market Takeover Bid From Xingye Gold; Shares Up 7%

Far East Gold (ASX:FEG) recommended that shareholders reject the unsolicited off-market takeover offer from Xingye Gold (Hong Kong) Mining Co of AU$0.13 cash per share, according to a Friday filing with the Australian bourse.The independent expert assessed the value of all of the company's shares at AU$0.324 to AU$0.444 apiece, with a mid-point of AU$0.385 on a 100% controlling interest basis, and concluded that the offer is "neither fair nor reasonable," the filing said.Far East Gold shares rose nearly 7% in afternoon trade Friday.

ASX:FEG
Asia

Far East Gold Takes Majority Ownership of Indonesia Gold Project

Far East Gold (ASX:FEG) said it now holds 51% ownership of the Idenburg gold project in Indonesia following the completion of the first stage of a conditional share purchase agreement, according to a Monday filing with the Australian bourse.The company issued 50 million ordinary shares to Eloquent Enterprises in stage-one consideration at a price of AU$0.13 each for AU$6.5 million, per the filing.Far East Gold said it will have the right to increase its ownership of Idenburg to 80% upon the Indonesian Ministry of Energy and Mineral Resources' acceptance of a feasibility study that is expected to be filed by the fourth quarter.The project hosts an inferred mineral resource of about 780,000 ounces of gold at an average 3.1 grams per tonne grade.

ASX:FEG
Asia

Update: Far East Gold Continues to Recommend Shareholders Take No Action on Xingye Gold Offer; Shares Up 3%

(Updates with the stock movement in the headline and last paragraph.)Far East Gold (ASX:FEG) said Xingye Gold (Hong Kong) Mining dispatched a bidder statement for its offer to acquire all of the company's ordinary shares that it does not already hold for AU$0.13 each in cash, according to a late Thursday filing with the Australian bourse.Far East Gold reiterated its recommendation that shareholders take no action on the off-market acquisition bid, saying that the offer is opportunistic in both its timing and pricing.The company's shares rose past 3% in recent Friday trade.

ASX:FEG
Asia

Far East Gold Continues to Recommend Shareholders Take No Action on Xingye Gold Offer

Far East Gold (ASX:FEG) said Xingye Gold (Hong Kong) Mining dispatched a bidder statement for its offer to acquire all of the company's ordinary shares that it does not already hold for AU$0.13 each in cash, according to a late Thursday filing with the Australian bourse.Far East Gold reiterated its recommendation that shareholders take no action on the off-market acquisition bid, saying that the offer is opportunistic in both its timing and pricing.

ASX:FEG
Asia

Xingye Silver & Tin Mining Launches AU$38-Million Takeover of Far East Gold

Inner Mongolia Xingye Silver & Tin Mining (SHE:000426) said its Hong Kong subsidiary has launched a voluntary full takeover offer for ASX-listed Far East Gold (ASX:FEG).The offer price of AU$0.13 per share represents a total consideration of AU$38 million, according to a Thursday filing with the Shenzhen bourse.Far East Gold holds six exploration-stage mining projects across Indonesia and Australia.Shares of the mining company were down 4% in recent trade.

ASX:FEGSHE:000426

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