Global Infrastructure SherpaPan African Resources to acquire Emmerson Resources for A$311 million
JSE- and LSE-listed Pan African Resources announced its acquisition of ASX-listed Emmerson Resources for approximately A$311 million. This all-scrip deal will consolidate ownership of their joint venture in Australia's Northern Territory, with Pan African acquiring 100% of Emmerson's issued share capital. The transaction aims to streamline operations and enhance Pan African's presence in the Australian mining sector.
Counterparts (2)
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- A$311 million all-scrip acquisition.
- JSE/LSE-listed Pan African Resources acquires ASX-listed Emmerson.
- Consolidates joint venture in Australia's Northern Territory.
- South Africa-focused gold miner expands Australian presence.
Source Intelligence
The transaction would be completed through an Australian scheme of arrangement under which Pan African would acquire 100% of Emmerson’s issued share capital. Emmerson shareholders would receive 0.1493 Pan African shares, in the form of ASX-listed Chess Depositary Interests for each share held. The offer implies a value of A$0.45 a share, representing a 36.4% premium to Emmerson’s closing price on March 6 and a 42.7% premium to its 30-day volume weighted average price. Upon completion of the transaction, Emmerson shareholders are expected to hold about 4.24% of the combined group. The Emmerson board has recommended shareholders vote in favour of the scheme. Pan African has also agreed to provide an interim unsecured loan facility to support Emmerson in funding potential cash calls related to the Tennant Creek JV. Pan African is JSE- and LSE-listed. Emmerson is ASX-listed. Pan African is forecast to produce more than 275 000 oz in the 2026 financial year and boasts a large mineral resource and ore reserve base of about 42.9-million ounces and 13-million ounces, respectively.
"Pan African to buy Australia's Emmerson in A$311m all-scrip deal"
"ASX-listed Emmerson Resources on Monday announced that it would be bought by JSE- and LSE-listed Pan African Resources"
"major shareholders Noontide Investments and TA Private Capital, which together hold about 26% of Emmerson’s shares, had indicated their intention to vote in favour of the scheme"
"major shareholders Noontide Investments and TA Private Capital, which together hold about 26% of Emmerson’s shares, had indicated their intention to vote in favour of the scheme"
Timeline
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