Fresh takeover bid for Stanmore Coal
Winfield Energy has made a non-binding, unfunded offer to acquire 100 per cent of Stanmore shares, the Stanmore board announced this week.
It comes within a fortnight of major Stanmore Coal shareholder Golden Investments seeking an extraordinary general meeting (EGM) in an attempt to remove the company’s managing director Dan Clifford and chairman Stewart Butel.
The Stanmore Coal board says the measures Golden Investments is seeking would give it effective control of the company.
Mr Butel said this week that the board had engaged with Winfield Energy with a view to entering a process deed and, ultimately, to facilitate a formal offer for shareholders to consider.
Winfield Energy has conducted initial due diligence based on Stanmore’s ASX disclosures and is seeking a period to complete further due diligence.
The privately-owned company acquired a 12.5 per cent interest in the Rolleston mine in February.
Its senior management team includes former group executive, managing director and chief operating officer of Peabody Energy Australia, John Hammond, as well as John Canavan – the brother of federal Resources Minister Matt Canavan.
The indicative proposal from Winfield Energy includes an indicative price of $1.50 to $1.70 per share, valuing Stanmore at up to $435 million.
Stanmore owns the Isaac Plains Complex near Moranbah, which includes the original Isaac Plains mine, the Isaac Plains East operation and the Isaac Downs project and Isaac Plains Underground project.