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Heemskirk Consolidated Offers $84M for North Queensland Metals

By Joel ScanlonJul 6 2010

Heemskirk Consolidated Ltd.(ASX: HSK) has offered North Queensland Metals Ltd. (ASX: NQM) a takeover bid valued at $84 million. An offer which the North Queensland Metals Ltd. is urging its shareholders to accept. This offer outbids Conquest Mining Ltd.'s offer to take over the company.

In the deal with Heemskirk, NQM shareholders will be given 1.2 Heemskirk shares for each of their NQM shares. They would also own 60.4% of the new combined company if Heemskirk manages to acquire all the NQM shares.

This deal is preferred to the rival offer made by Conquest Mining Ltd which valued the company at $57.89 million. NQM's second largest shareholder, Newmont Capital Pty Ltd has already signed a pre-bid acceptance for the deal with Heemskirk Consolidated Ltd.

NQM chairman Neville Thomas believed that Heemskirk had correctly valued the company in light of its Pajingo project near Charters Towers in Queensland and that the shareholders were being duly rewarded for their patience.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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