SYDNEY, AUSTRALIA: Senosi Group Investment Holdings Proprietary Limited and Dendocept Proprietary Limited (NBIO), which own 64.5% of the company’s shares, has sent a letter to MC Mining Limited outlining their plan and intention to make a cash offer for all the shares in the Company that they do not already own.

The letter also says that they have applied to ASIC for relief from section 606 of the Act, so that they can make a joint bid for the Company under a joint bidding agreement.

The letter refers to their previous confidential and incomplete offer dated 5 September 2023 from Senosi Group Investment Holdings Proprietary Limited and Dendocept Proprietary Limited (NBIO).

The NBIO proposed a takeover by these two entities, with a cash offer range of AUD$0.20-AUD$0.23 per share, based on the Company’s undiluted share capital.

The Company formed an Independent Board Committee (IBC) to review the NBIO on behalf of the non-associated shareholders and to try to improve the offer price.

The IBC has been assessing the terms of the NBIO, with advice from its financial and legal advisors in Australia and South Africa. Adelaide Equity Advisors as Financial Advisor, K&L Gates as Australian Legal Advisor and each of Webber Wentzel and Falcon & Hume, as South African Legal Advisors have been hired by the IBC.