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Resources|Solar
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resources|solar

Metallica recommends Diatreme offer

11th July 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Emerging silica sands developer Diatreme Resources has welcomed the decision by an independent board committee (IBC) of Metallica Minerals to recommend that shareholders accept Diatreme’s takeover bid.

The IBC comprised independent nonexecutive directors Stephen Everett, who is also nonexecutive chairperson, and Brad Sampson.

“The decision by Metallica’s IBC is sensible and pragmatic given that acceptances have now reached 82% and climbing, with the momentum clearly in favour of Diatreme’s bid,” commented Diatreme CEO Neil McIntyre.

“The IBC has correctly noted that Diatreme’s potential move to de-list Metallica from the ASX could result in remnant shareholders holding an illiquid, untradeable stock. The IBC also correctly identified the likelihood of any competing bid as non-existent,” added McIntyre.

Diatreme in February launched a takeover for Metallica to combine their silica sand assets in the Far North Queensland, creating a larger resource base to serve the global solar PV industry.

Diatreme considers its offer a compelling opportunity for both sets of shareholders, based on its vision of becoming a long-term producer of low-iron, high-purity silica sand in the Cape Flattery region.

Shareholders in Metallica have until July 23 to accept the offer of 1.3319 shares for each Metallica share.

Edited by Creamer Media Reporter

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