SYDNEY: Metals X Ltd. (ASX: MLX) announced Wednesday that it has formally notified Greentech Technology International Ltd. of its intention to proceed with a pre-conditional voluntary cash partial offer to acquire up to 382.48 million shares, or 28% of the issued capital, of the Hong Kong-listed company.
Metals X, which owns a 50% stake in Tasmania’s Renison Tin Mine through the Bluestone Mines Tasmania Joint Venture, said the offer will be priced at HK$0.35 per share. The company and parties acting in concert with it currently hold 804,000 Greentech shares, representing approximately 0.06% of its issued capital.
The announcement follows Greentech’s failure to address pre-conditions set by Metals X in a prior possible offer letter sent in October 2024. Metals X decided to move forward with the partial offer despite the delays.
The transaction is subject to approvals under Hong Kong’s Takeovers Code. Yu Ming Investment Management Ltd. will act as the financial adviser to Metals X in connection with the offer.
Greentech currently owns the remaining 50% stake in the Renison Tin Mine via a non-wholly owned subsidiary.
Metals X’s board has authorized the announcement. Further details regarding the offer will be included in the upcoming offer document, expected to be dispatched within 21 days.