Petroleum Africa
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Thursday, March 20, 2014
The takeover of Jacka Resources by Tangiers Petroleum is off the table. According to a statement released by Jacka, the offer period for the off-market takeover for all the listed shares of Tangiers has expired. The takeover offers were subject to various defeating conditions, including the 90% minimum acceptance condition. Those conditions were not met at that time and accordingly the offers have lapsed.
The company said as a result, all acceptances received into the Tangiers takeover offer will be cancelled, such that any Jacka shareholder who accepted the Tangiers offer in respect of their Jacka shares will continue to hold those shares and be free to deal with them as they see fit.
As previously announced, Jacka has appointed Patersons Securities and DJ Carmichael to assess potential capital raising proposals, with proceeds intended for repayment of approximately $1.7 million owed under Jacka’s existing loan facilities and to provide ongoing working capital. The company envisages that it will be able to update the market regarding these proposals shortly. It also notes that the $300,000 it has drawn down under a loan facility provided by Tangiers will be required to be repaid within 90 days of completing any proposed capital raising.
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