Metorex Ltd, a South African company focused on diversified mining, released a proposed mandatory offer to the minority shareholders of Copper Resources Corporation - a company registered in the British Virgin Islands.
The document included an offer to purchase all remaining shares of Copper Resources Corporation (CRC); also, Metorex offered 73 of its shares for every 100 CRC shares with cash alternative. In case the CRC shareholders would choose the cash, the cash offer would be 125,1p in cash, for each CRC share. Based on the closing price of 204p a share on November 2, this offer valued each CRC share at 149p, and CRC's existing issued share capital at about £120.7 million. Currently, Metorex share price values each CRC share at £1.49.
On September 18, 2007, Metorex's acquisition of the Forrest Group's shareholding in the CRC became unconditional. In connection to this, South African company's CEO Charles Needham said that their offer to CRC's shareholders would be on the same terms as their acquisition of Forrest's 39% interest , - providing them with an exposure to Metorex's established projects in the Democratic Republic of Congo and a diversified mineral portfolio. He also noted that CRC would add significantly to Metorex's copper output, as part of company's ongoing development strategy. The term of the formal offer will be 15 November 2007, or such later date as may be decided by Metorex.
BVI-registered Copper Resources Corporation is the holding company of a group of mineral exploration and development companies working mainly in the Democratic Republic of Kongo (DRC).
