Possible Offer for Bacanora Lithium
POSSIBLE OFFER FOR BACANORA LITHIUM PLC AND AGREEMENT WITH GANFENG INTERNATIONAL TRADING (SHANGHAI) LIMITED
The Bacanora Independent Directors and Ganfeng International Trading (Shanghai) Limited (“Ganfeng”) are pleased to announce that Bacanora Lithium PLC (“Bacanora”) and Ganfeng have entered into an agreement dated 6 May 2021 (the “Offer Agreement”) regarding the terms of a possible cash offer by Ganfeng for the entire issued and to be issued share capital of Bacanora, other than that which it already owns, at a price of 67.5 pence per Bacanora Share (the “Offer Price”) (the “Possible Offer”).
This is an announcement under Rule 2.4 of the Code. It does not represent a firm intention to make an offer under Rule 2.7 of the Code. Accordingly, while Ganfeng has agreed with Bacanora in the Offer Agreement that it will announce a firm intention to make an offer under Rule 2.7 of the Code subject to the Pre-Conditions (as defined in section 3 below) being satisfied or, if applicable, waived as soon as practicable and in any event before 31 December 2021 (or such later date as Ganfeng and Bacanora may agree) (the “Pre-Condition Long Stop Date”), for the purposes of the Code, there can be no certainty that any offer will ultimately be made, even if the Pre-Conditions are satisfied or, if applicable, waived.
In accordance with Rule 2.6(a) of the Code, by not later than 5.00 p.m. on 3 June 2021, Ganfeng must either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.
This Announcement has been made with the approval of Ganfeng and a further announcement will be made in due course.
In the TV Clip below, CEO Peter Secker provides an overview of Bacanora and the Group’s development plans for Sonora
