Territory favours Exxaro over Noble

WITH the $A123 million off-market cash takeover bid by South Africa’s Exxaro Resources for Australia’s Territory Resources currently in train, the Northern Territory iron ore producer has called off a planned debt to equity proposal with its largest shareholder Noble Group.

Territory favours Exxaro over Noble Territory favours Exxaro over Noble Territory favours Exxaro over Noble Territory favours Exxaro over Noble Territory favours Exxaro over Noble

The company signed a non-binding term sheet with Noble Group early last month, which would have allowed the latter to gain up to a 45% interest in Territory in a debt to equity conversion.