EFD starts climbing the Finders charts

THE Eastern Field Development consortium’s takeover bid for Finders Resources got off to a slow start, but the group says shareholder acceptances are slowly starting to trickle in under the 23c cash offer, with EFD moving from 19.84% to 22.33% by this morning.

EFD starts climbing the Finders charts EFD starts climbing the Finders charts EFD starts climbing the Finders charts EFD starts climbing the Finders charts EFD starts climbing the Finders charts

It’s the first ray of hope for the special purpose vehicle from Provident Minerals, Saratoga Investama and Merdeka Copper Gold, and comes days after Finders revealed that around 38% of shareholders have signed undertakings they would not sell into the offer.

If those shareholders hold firm EFD’s maximum level of control is 62%, but given it quickly dropped a condition of 50.1% control it could soon occupy “serious nuisance territory” over the troubled producer’s board – although its likely Finders considers the takeover attempt a distraction anyway.

While Finders’ board is telling shareholders the recent production issues and associated downgrades will merely delay the company’s income stream – an inconvenience rather than a serious setback – EFD is taking off the gloves,...