Finders takes defensive position

EASTERN Field Developments offer is now open, and as shareholders decide on the future of Finders Resources the West Perth-based copper producer is running a defensive action: upgrading reserves at Lerokis and talking up recoveries.

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Finder indicates that it is best placed to remain as a separate company and not fall into the hands of EDF, a special purpose vehicle created by two of its largest shareholders Provident Capital Partners, Saratoga Investama and local miner Merdeka Copper Gold. Together they hold a combined 19.8%.

If the takeover flops EDF’s owners have warned they may not stay involved which would likely see the share price crumble given a failed sales process by Provident earlier this year.

The 23c offer formally opened yesterday. The target statement and independent expert’s report is expected to be public by December 5. The offer is expected to close on December 20. 

While Finder continues to urge no action its work to upgrade reserves, resources and recoveries suggests it contin...