25 May 2012

Beacon Hill receives £141m bid approach

26/08/2011 Robert Tyerman

Mozambique-focused coal producer Beacon Hill Resources (BHR) says it has received an indicative, 'non-binding' bid approach at 16.25p a share. The company's shares have jumped 53 per cent to 13p in response, but Beacon Hill's  directors say the proposal does not fully reflect the company's inherent value, despite being pitched at almost twice yesterday's AIM closing price of 8.5p.

Chaired by Justin Lewis Melbourne-based Beacon Hill, which is working to boost coking coal production from its Minas Moatize mine in Tete Province, has not named the potential bidder. The company says the approach, which is 'at a very early stage', includes several conditions, which 'may or may not be satisfied.'

Beacon Hill, which raised £12.3 million in April at 12.5p a share, indicates it is currently making 'excellent progress' at Minas Moatize, where it hopes to produce an annual 2.35 million tonnes of saleable coal as from next year. Floated at 8p in 2006, Beacon Hill shares have previously been dismal performers this year, falling from 23.5p to 7.38p at one stage.

They could still be worth an outright punt on an improved offer.

   

Tags: AIM market, Bid approach, Coal, Justin Lewis, Mozambique

Sector: Mining

Companies: Beacon Hill Resources

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