Key Developments: Discovery Metals Ltd (DVYLF.PK)
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24 Jan 2013
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Latest Key Developments (Source: Significant Developments)
Discovery Metals Ltd Announces Change In Chairman
Discovery Metals Ltd announced that Mr John Shaw has been appointed as Chairman effective immediately. Mr Shaw has been a director of Discovery Metals since 2006. Mr Gordon Galt, previous Chairman of the Company, and Mr Morrice Cordiner, non-executive director of the Company, have notified the Board of their resignations from the Company, effective from the close of business on 20 May 2013. Full Article
Discovery Metals Ltd Says Cathay Fortune Corp, Others Exploring New Takeover-Reuters
Reuters reported that Australia-listed copper miner Discovery Metals Ltd has opened books to spurned private equity suitor Cathay Fortune Corp and others in an effort to attract a new takeover offer, potentially valuing it at AUD195 million ($190 million), it said on May 21, 2013. Discovery, which has been ramping up output at main project in Botswana, rejected in November a AUD824 million or AUD1.70 per share bid from Cathay Fortune, top shareholder. After running into problems at Boseto Copper project and failing to secure Cathay's support for a capital raising, Discovery said it had decided to put itself up for sale. Discovery said in a statement it was in talks with a number of interested parties and would be seeking binding proposals by June 10, 2013. Cathay Fortune has proposed a new indicative and conditional offer of AUD0.35-AUD0.40 per share and had started due diligence, but there was no guarantee it would make a bid, Discovery said. Full Article
Discovery Metals Ltd Not To Pay Interim Dividend
Discovery Metals Ltd announced that the Directors do not recommend the payment of a dividend for the half year ended December 31, 2012. Full Article
Discovery Metals Ltd Recommends Shareholders Reject Takeover Offer
Discovery Metals Ltd (DML) announced that its Target’s Statement in response to Cathay Fortune Investment Limited’s takeover Offer. The Independent Expert has concluded that the current fair market value of a DML Share is in the range of AUD 1.74 to AUD 2.11, which is above the Bidder’s Offer Price of AUD1.70. The Offer Price of AUD1.70 per share is inadequate. Full Article
Discovery Metals Ltd Appoints New Chief Financial Officer
Discovery Metals Ltd announced the appointment of its new Chief Financial Officer, Mr. Paul Frederiks. Mr. Frederiks replaces Mr. Paul Fulton, who earlier this fiscal 2012 notified the Company of his intention to retire from full time employment. Full Article
Cathay Fortune Corporation And China-Africa Development Fund To Acquire Discovery Metals Ltd
Discovery Metals Ltd announced that it has received an indicative, nonbinding proposal from Cathay Fortune Corporation (CFC) and China-Africa Development Fund (CAD Fund) (collectively the Bidder) to acquire all the shares (not currently held by the Bidder) in Discovery Metals for AUD 1.70 per share (Indicative Proposal). Full Article
Discovery Metals Ltd Completes Share Purchase Plan
Discovery Metals Ltd announced the completion of its Share Purchase Plan, as announced to shareholders on August 8, 2012 and following the AUD 50 million placement to sophisticated and institutional investors. The Company issued 977,043 ordinary shares at an issue price of AUD 1.20 per share. Under the Share Purchase Plan, shares to the value of AUD 1,172,500 were subscribed to. It is intended that proceeds from the equity raising will be used to pursue growth and cost saving initiatives following the completion of construction and pre-commissioning of the Boseto Copper Project. Full Article
Discovery Metals Ltd Announces Holding Interest Of National Australia Bank Limited And Its Associated Entities
Discovery Metals Ltd announced that National Australia Bank Limited and its associated entities have acquired 26,041,189 ordinary shares, representing 5.383% of the voting power in the Company. Full Article
Discovery Metals Ltd Announces Holding Interest Of Genesis Asset Managers, LLP
Discovery Metals Ltd announced that Genesis Asset Managers, LLP has an interest of 22,426,876 ordinary shares, which represents 5.07% of voting power in the Company. Full Article
Discovery Metals Limited Announces Issuance Of New Shares
Discovery Metals Limited announced that it has issued 41,666,667 fully paid ordinary shares at an issue price of AUD 1.20 per share. Full Article
Australia's Discovery says CFC, others exploring new takeover
SYDNEY, May 21 - Australia-listed copper miner Discovery Metals Ltd has opened its books to spurned private equity suitor Cathay Fortune Corp and others in an effort to attract a new takeover offer, potentially valuing it at A$195 million ($190 million), it said on Tuesday.
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