LONDON - Hummingbird Resources PLC (AIM: HUM), a gold producing company, has been granted an extension for the Put Up or Shut Up (PUSU) deadline by the Panel on Takeovers and Mergers. The new deadline is set for 5.00 p.m. (London time) on January 3, 2025. This extension allows further time for Nioko Resources Corporation and CIG SA to either declare a firm intention to make an offer for Hummingbird or to announce that they will not pursue the offer.
The discussions between Hummingbird, Nioko, and CIG are a continuation of the due diligence process that began following an announcement on November 6, 2024. On that date, Hummingbird disclosed a proposal from Nioko and CIG for a debt-to-equity conversion and a potential cash offer for Hummingbird's entire issued ordinary share capital not already held by them.
The proposal includes a conversion of the principal amount outstanding under the New CIG Loan into new ordinary shares at a price of 2.6777 pence per share. Additionally, Nioko and CIG may make a cash offer for Hummingbird's shares at the same price per share. However, Nioko reserves the right to propose an offer at a lower value with the Board's agreement or if a third party proposes a lower-value firm intention to offer for Hummingbird. Adjustments to the offer price may also be made if Hummingbird declares any dividends or distributions to its shareholders.
The announcement emphasizes that while discussions are in progress, there is no certainty that a firm offer will be made, even if pre-conditions are met or waived. Hummingbird's shareholders have been advised not to take any action at this time.
Hummingbird Resources is known for its multi-asset gold projects, including the operational Yanfolila Gold Mine in Mali, the Kouroussa Gold Mine in Guinea, and a controlling interest in the Dugbe Gold Project in Liberia, which is being developed by joint venture partners Pasofino Gold Limited.
This news is based on a press release statement and does not constitute an announcement of a firm intention to make an offer under Rule 2.7 of the Code. Further announcements will be made as appropriate.
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