Takeover Offers Update
Update on Takeovers Panel Proceedings
Cardinal refers to its previous announcement of 4 November 2020 in respect of the various applications made to the Panel in relation to the affairs of Cardinal.
On 17 November 2020, the Panel published Media Releases in respect of each of the three outstanding applications, namely, Cardinal Resources Limited 03 and Cardinal Resources Limited 04 (which the Panel decided to hear together) and Cardinal Resources Limited 05. As noted in the Media Releases, the Panel has decided to decline to conduct proceedings in respect of all three applications.
Whilst Cardinal expresses its disappointment with the outcome, until such time as the Panel's reasons have been published Cardinal remains subject to certain standard undertakings provided to the Panel and is prevented from commenting further.
Cardinal, in consultation with its advisors, is currently considering its options in relation to the decisions.
The Cardinal Board continues to explore all possible contingencies for the benefit of its shareholders.
Having regard to Shandong Gold's statement of intention that should a higher competing offer (to A$1.00 per Cardinal Share) be made or announced, that Shandong Gold intends to increase the cash consideration under its offer to A$1.05 per Cardinal Share, Cardinal notes that an opportunity exists for a third party bidder (or a consortium of bidders) to make a competing offer for Cardinal at a price in excess of A$1.00 per share which would have the effect of freeing Shandong and Nordgold of their respective "best and final" statements.
Cardinal will continue to provide updates as and when they become available.
Cardinal's joint financial advisers are Maxit Capital LP, BMO Capital Markets, Euroz Hartleys Limited and Canaccord Genuity Corp. Cardinal's legal advisers are HopgoodGanim Lawyers (Australia) and Bennett Jones LLP (Canada).
About Cardinal Resources Ltd
The Company is focused on the development of the Namdini Project with a gold Ore Reserve of 5.1Moz (0.4 Moz Proved and 4.7 Moz Probable) and a soon to be completed Feasibility Study.
Exploration programmes are also underway at the Company's Bolgatanga (Northern Ghana) and Subranum (Southern Ghana) Projects.
Cardinal confirms that it is not aware of any new information or data that materially affects the information included in its announcement of the Ore Reserve of 3 April 2019. All material assumptions and technical parameters underpinning this estimate continue to apply and have not materially changed.
Cardinal Resources Ltd