As announced yesterday, Mawarid Mining LLC (Mawarid) has made an on-market takeover bid (Mawarid Offer or Offer) for all the Shares in UCL Resources Limited (ASX:UCL).
Mawarid has subsequently informed UCL that it now holds a relevant interest in more than 50% of UCL shares and that UCL’s major shareholder, Twynam Agricultural Group Pty Ltd, which held 28.59% of UCL’s shares has accepted the Mawarid Offer by selling its shares on-market.
Given these developments, and notwithstanding that the independent expert report is yet to be received, the Independent Directors recommend that in the absence of a superior proposal shareholders accept the Mawarid Offer.
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