Helix Resources (ASX:HLX) has appointed advisors to assist it with the partial takeover offer from private Australian investment firm Acta Investment Group and its associate Nuevo Royalty.
The junior explorer has appointed Hamilton Locke as legal advisors, New Holland Capital as corporate advisors and Chapter One Advisors as its investor and public relations advisors.
Helix says it is in talks with representatives of Acta regarding the offer and is focused on securing the best possible outcome for its shareholders.
Acta is offering shareholders $0.005 cash per share, reduced by any dividends or distributions declared, for 25% of the Helix shares Acta and Nuevo do not currently own.
However, Helix says the offer includes “onerous” conditions such as a restriction on the company or its subsidiaries committing to any expenditure of more than $50,000.
“It is likely that one or more conditions will be breached through no fault of Helix simply by conducting business in the ordinary course,” Helix notes.
“These and other matters are the subject of discussions with Acta.”
Helix continues to advise shareholders to take no action on the offer.
The copper and gold-focused explorer has a portfolio of projects spanning 3,300km2 in the Cobar region of New South Wales.
Write to Angela East at Mining.com.au
Images: Helix Resources
