Kinterra Capital Corp., a Toronto-based private equity firm has announced its intention to make an off-market takeover bid for all outstanding ordinary shares of New World Resources Limited (ASX: NWC). Kinterra Capital GP Corp. II, acting as general partner of the Kinterra Critical Materials & Infrastructure Opportunities Fund II, L.P., currently holds approximately 19.30% of NWC’s issued shares. The offer values NWC’s total share capital at approximately A$204 million.
Under the proposed offer, Kinterra will pay NWC shareholders A$0.057 cash per share. This represents a premium over the A$0.055 per share proposal made by Central Asia Metals Plc (CAML). Kinterra’s offer also reflects a 103.6% premium to NWC’s closing price on 20 May 2025, and a 123.2% premium to the one-month volume weighted average price (VWAP) up to and including the same date. Further premiums include 151.8% to the three-month VWAP and 163.8% to the six-month VWAP, both calculated up to 20 May 2025.
The offer is conditional only on no ‘prescribed occurrences,’ as defined under section 652C of the Corporations Act 2001 (Cth), taking place before the offer period concludes. Kinterra expects to announce and lodge the Bidder’s Statement with the Australian Securities and Investments Commission (ASIC) today, with dispatch to NWC shareholders expected by 10 July 2025. NWC is required to release a Target’s Statement within 15 days of receiving the Bidder’s Statement. The offer will remain open for at least one month.
