Metals X (ASX:MLX) has made a pre-conditional voluntary cash partial offer to acquire 28% of Greentech Technology (195:HKG) following its takeover offer sent in October 2024.
Metals X will pay HK$0.35 ($0.069) per share for up to 382.48 million shares of the company.
Since receiving the initial offer, Metals X says Greentech has failed to address requests made by the suitor listed in the pre-conditions, pausing the progress before now proceeding with a partial offer.
Pre-conditions include Greentech providing sufficient assurance of financial results for six months ending June 2024, as well as no contingent liability or onerous contracts that may affect its financial or trading position.
Along with Greentech’s subsidiary, Yunnan Tin, the company owns and operates the Renison Tin Mine under its Bluestone Mines Tasmania joint venture, with both parties holding equal interest.
Metals X does not own any Greentech shares, and the parties acting in concert with Metals X own
804,000 shares, representing about 0.06% of the issued share capital of Greentech.
In October 2024, Metals X made an unsolicited approach to Greentech Technology to acquire the target for HK$0.28 per share and to cancel all outstanding options for an equivalent price, subject to compliance with the Hong Kong Code on Takeovers and Mergers.
Greentech is listed on the Stock Exchange of Hong Kong and had about 1.37 billion shares on issue at the time of the initial approach.
Metals X is an exploration company focused on the development of tin production in Australia.
Write to Maddison Elliott at Mining.com.au
Images: Metals X
