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LONDON - Central Asia Metals PLC (AIM:CAML) announced Monday it will not counter a competing offer for New World Resources (NWR), effectively ending its acquisition attempt of the Australian company.
The decision comes after NWR informed CAML on July 17 that it had received an increased offer from Kinterra of A$0.066 per share, which NWR’s board determined could reasonably constitute a superior proposal under the terms of the Bid Implementation Deed between CAML and NWR.
After consideration, CAML’s board decided against submitting a counter proposal to match Kinterra’s offer. As a result, NWR’s board has withdrawn its previous recommendation of CAML’s offer and now unanimously recommends shareholders accept the Kinterra offer before July 24, 2025, absent a superior proposal.
The companies now intend to terminate their Bid Implementation Deed, which will trigger a break fee payable to CAML.
Central Asia Metals, an AIM-quoted company based in London, operates the Kounrad copper project in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. The company also holds an 80% interest in CAML Exploration and a 28.4% stake in Aberdeen Minerals Ltd.
The announcement was made in a company press release statement that contained inside information for regulatory purposes.
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