United States company Cleveland Cliffs has ended its takeover of iron ore miner Portman Ltd with a 99.27 per cent interest, boosted by acceptances to its offer and on-market purchases.
United States company Cleveland Cliffs is looking to wrap up its takeover of iron ore miner Portman Ltd quickly, announcing today it will make on-market purchases at a possible discount to its $21.50 cash offer.
United States company Cleveland Cliffs will move to acquire the remaining shares in iron ore miner Portman Ltd after passing the 90 per cent threshold in its all-cash takeover bid.
Portman Ltd said it is assessing its options of its shareholding in Golden West Resources Ltd after a Federal Court judge today ruled against the validity of its proxy forms lodged for last week's extraordinary meeting.
The final outcome from the Golden West Resources Ltd extraordinary meeting will not be known for another two weeks, with a Federal Court judge today reserving his judgment.
Portman Ltd has been dealt a blow in its bid to oust two directors from Golden West Resources Ltd, with its proxies deemed invalid at today's shareholder meeting.
Parochial investors who put their money into Western Australian stocks have just experienced their worst year in nearly a decade, judging by the results of WA Business News' annual total shareholder return survey.
Portman Ltd has spent over $4 million shoring up its shareholding position in Golden West Resources Ltd, after a share placement diluted its stake last week.
Shares in Golden West Resources Ltd have jumped 30 per cent on an unusual heavy day of trade as Portman Ltd's shareholding grip on the company loosens due to dilution.
Portman Ltd has turned up the heat in its battle with junior iron ore company Golden West Resources Ltd, which has recruited a senior Rio Tinto manager as its new chief executive one day after signing a Chinese iron off-take deal.
Portman Ltd managing director Richard Mehan said he is open to the possibility of its largest shareholder, US company Cleveland Cliffs, taking full ownership of the company.
The squabble between Portman Ltd and Golden West Resources Ltd has turned up a notch as questions arise from a non-refundable $820,000 deposit for an acquisition.
Golden West Resources Ltd has hit out at major shareholder Portman Ltd over its proposal to change the make-up of the board, saying if it goes ahead, the latter will have effectively taken control of the company without paying a premium.
Higher royalties and increased energy costs have pushed up iron ore miner Portman Ltd's operating costs, while a higher iron ore price will boost revenue per tonne by 87 per cent.
Portman Ltd is calling for the removal of two Golden West Resources' executives following the completion of its planned 19.9 per cent share acquisition.
Nedlands based Portman Ltd has again denied speculation it will bid to takeover Golden West Resources Ltd, despite applying for approval to increase its interest in Golden West from 14.9 to 19.9 per cent.
