25 May 2012

Weatherly receives bid approach

15/02/2008 Robert Tyerman

Copper miner and smelter Weatherly International says it has received an approach that may lead to an offer.

The AIM-quoted company, whose operations are chiefly in Namibia, is considering the approach, from an unnamed source. This move follows the sale of its blast furnace and slag dumps to new technology metals specialist and would-be float candidate Emerging Metals Ltd (EML) for £5.7 million cash, payable in two tranches over 24 months.

London-based Weatherly, which floated eight years ago at 8p, recently announced a turnaround from £370,000 losses to a £6.5 million pre-tax profit for the year to last June. Chief executive officer Rod Webster says the EML deal, which is conditional on EML listing its shares and completing a feasibility study, is ‘in line with our continuing strategy to maximise the value of non-core assets’.

Weatherly shares have fluctuated over the years, falling as low as 3p in their year of flotation. Highlighted by Growth Company Investor as a gamble at 8.25p later that year, they now stand at 24.756p, up 6.25p this morning, valuing the company at £100 million.

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Sector: Mining

Companies: Weatherly

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