Patronus Resources Limited (ASX:PTN) Announces Takeover Offer for Matsa Resources (ASX:MAT)
Takeover Offer Details
Patronus Resources Limited (ASX: PTN) has announced an on-market takeover offer for all shares of Matsa Resources Limited (ASX: MAT) not already owned by Patronus and its associates. The offer price is $0.045 cash per share, valuing Matsa at approximately A$33 million. This represents a 12.5% premium over Matsa’s last traded price of $0.040 on 6 February 2025.
Offer Financials and Strategy
The takeover aligns with Patronus’ gold exploration and development strategy. Patronus and its associates currently hold a 19.57% interest in Matsa’s shares. The offer provides immediate liquidity for Matsa shareholders, with Patronus funding the acquisition from existing cash reserves. The offer period begins on 24 February 2025 and closes on 24 March 2025, unless extended.
Executive Comments
In a letter to shareholders, Company Chairman Rowan Johnston stated, “Patronus believes that the Offer delivers you an attractive, certain and immediate value for Your Matsa Shares, while also removing potential risks associated with Matsa’s funding of its ongoing exploration and development activities and the repayment or refinance of its existing indebtedness.”
Motley Fool contributor Lauren Surplice has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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