At the price of A$1.8 per share, it offers a 30 per cent premium over the closing price as of Sept 8 at A$1.385 and 50 per cent premium over the 1-month average.
In a statement to the Stock Exchange of Thailand, the Board of Directors of Hunnu, which is listed on Australia’s stock exchange, has unanimously recommended that Hunnu shareholders accept Banpu’s Share Offer, in the absence of a superior proposal.
Banpu currently owns approximately 12 per cent of Hunnu shares from the A$45 million acquisition through its wholly-owned subsidiary, Banpu Minerals (Singapore) Pte Ltd in March 2011.
Hunnu’s operations are based in Mongolia.
Source: Bangkok Post