This a cut & paste jobbie from Miningmx.com
We continue to engage actively with Ata Resources in relation to the announced NBO and look forward to updating shareholders as appropriate,” he added.
The company said in December that the outcome of the unsolicited Ata Resources bid was expected by the middle of this month after it had retained advisors to assess the fairness of a 35 Australian cents per share offer lodged in September.
Universal Coal also said it had agreed with Ata Resources not to solicit a rival bid so as to remove the prospect of introducing competitive tension and push up the offer price. In addition, Universal Coal agreed to make known any third party offer that could materialise for the firm in the interim. This suggests that barring any questions regarding the offer, Universal Coal intends to support it.
At 35 cents/share, equal to about 24.98 US cents per share, the offer value the company at A$170m or $121m which is on a par with Universal’s current valuation.
Universal Coal said that since the receipt of a binding bid commitment, which was in late October, a committee of Universal Coal directors had actively engaged with Ata Resources. As a result, the committee had retained Ernst and Young Advisory Services to assess the bid by means of an independent export report (IER).
FYI after digging around a little it turns out that Universal's largest BEE holding is Ichor coal who are listed on some semi-regulated German bourse & don't seem to trade much.
Their CEO is non other than Nonkululeko Nyembezi ex Ceo Mittal steel & plus the CEO of Universal will obviously be throwing his hat in for the job. So seems our Waheed after some very decent work last year or 2 doesn't make the cut...
Again like the last boardroom tussle good decision...? Communicated very badly all-round. Result own goal again...
Let's hope the PR machine kicks in very soon or this "Value Trap" gonna slide due to no news flow.