Village Main Reef Ltd. (VIL), a South
African gold producer, is considering selling its assets after
receiving approaches by third parties it didn’t identify.
The company appointed Qinisele Resources (Pty) Ltd. to manage any sale process and explore alternative options for Village shareholders, the Johannesburg-based company said today in a statement. The stock rose 5.3 percent to 0.4 rand by 10:33 a.m. in Johannesburg.
“This decision has been driven by the company receiving a number of unsolicited approaches from third parties to acquire either the company or certain of its assets,” Village said. “The alternatives may include, among others, the sale of some or all of the company’s assets.”
Village’s stock has tumbled 68 percent since the start of 2013, giving it a market value of 416 million rand ($37.7 million) as gold prices dropped 27 percent. The company operates three gold mines, a platinum mine and has investments in coal and uranium operations, according to its website.
Continental Coal Ltd., in which Village bought a stake last year, received an approach from a third party interested in buying its 74 percent holding in its South African subsidiary, the West Perth, Australia-based company said in a separate statement dated Oct. 10.
To contact the reporter on this story: Kevin Crowley in Johannesburg at kcrowley1@bloomberg.net
To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Tony Barrett, Alastair Reed.
Source : http://www.bloomberg.com
The company appointed Qinisele Resources (Pty) Ltd. to manage any sale process and explore alternative options for Village shareholders, the Johannesburg-based company said today in a statement. The stock rose 5.3 percent to 0.4 rand by 10:33 a.m. in Johannesburg.
“This decision has been driven by the company receiving a number of unsolicited approaches from third parties to acquire either the company or certain of its assets,” Village said. “The alternatives may include, among others, the sale of some or all of the company’s assets.”
Village’s stock has tumbled 68 percent since the start of 2013, giving it a market value of 416 million rand ($37.7 million) as gold prices dropped 27 percent. The company operates three gold mines, a platinum mine and has investments in coal and uranium operations, according to its website.
Continental Coal Ltd., in which Village bought a stake last year, received an approach from a third party interested in buying its 74 percent holding in its South African subsidiary, the West Perth, Australia-based company said in a separate statement dated Oct. 10.
To contact the reporter on this story: Kevin Crowley in Johannesburg at kcrowley1@bloomberg.net
To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Tony Barrett, Alastair Reed.
Source : http://www.bloomberg.com
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