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Namdini has been the subject of a heated three-way takeover
bid. Nordgold extended its unconditional, on-market, all cash
offer for Cardinal until December 23
Cardinal

deal

closing in

by Mark Andrews

ardinal Resources Ltd remained steadfast in its Namdini has received government support, with Sovereign
Cpreference that Shandong Gold Mining Company Ltd Parliamentary Ratification for a mining licence received,
be the successful bidder to acquire it. while the resettlement action plan (RAP) is targeted for
At the time of print, the Australian Government’s Takeovers completion in Q1.
Panel declined to conduct proceedings on an application Projects such as Namdini are being warmly embraced in
from Cardinal in relation to its affairs concerning information Ghana as the country grapples with mass debt pressures,
released by Nordgold S.E. in an announcement extending with Reuters reporting that debt-to-GDP had already surged
its on-market bid for the company on November. past 70% ahead of presidential and parliamentary elections
“The Panel considered [among other things] that it was not (December 7).
persuaded that any of the statements made in the Nordgold
announcement were misleading or in contravention of the
undertakings given in the Notices of Appearance and, in any
event, those statements had been overtaken by events,” the
Takeovers Panel stated in early December.
“The Panel concluded there was no reasonable prospect that
it would make a declaration of unacceptable circumstances.
Accordingly, the Panel declined to conduct proceedings.”
Nordgold and Shandong have been locked in a battle for
control of Ghanaian-focused Cardinal and its 5.1 moz Perth, Western Australia
Namdini gold project in the country’s Upper East region.
A third bidder – Engineers & Planners Company Ltd (E&P)
– entered the fray with a “highly conditional off-market
The USB of Conference
takeover” for Cardinal priced at $1.05c/share in November.
Proceedings for the 2020
E&P’s offer exceeded the best and final $1.00/share offers
by Shandong and Nordgold. Africa Down Under Conference
On the back of E&P’s interest, Shandong increased its bid is Now Available
to $1.05/share.
Nordgold has disputed the validity of E&P’s offer given Conference Proceedings Includes:
the “highly conditional nature and failure to demonstrate
• Over 40 presentations • Global media coverage
sufficient funding”.
• Australia’s Paydirt preview and review editorial coverage
“It cannot be a ‘higher competing offer’. However, we note
• Conference Sponsors
that Shandong has increased its offer. Accordingly, Nordgold
considers that it is free of its best and final statement made
on 26 October 2020. Nordgold has extended its on-market
bid to 14 December 2020,” Nordgold said at the time of print. $100 (incl. GST)
Shandong and Nordgold have gone toe-to-toe since June for Phone (+61) 8 9321 0355
Cardinal, which has managed to advance the much sought or email kale@paydirt.com.au
after 287,000 ozpa, 15-year Namdini project, to the cusp of www.africadownunderconference.com
development at an estimated capital cost of $US390 million.

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