APEX MINING Co., Inc. said on Wednesday that it received a letter from Prime Strategic Holdings, Inc. about its newspaper notice to make a mandatory tender offer for the listed mining company’s shares at a price of P1.30 per apiece.
In a disclosure, Apex Mining received the tender offer report from Prime Strategic Holdings to acquire up to 2,213,358,981 common shares through a tender offer to all shareholders.
It set the start of the tender offer period on Feb. 14 and its end on March 14, 2022.
After the tender offer period, Apex Mining said it would make the appropriate disclosures upon receipt of the results from the bidder.
In its letter, Prime Strategic Holdings said the common shares excluded from the tender offer are those held by Devoncourt Estates, Inc., Lakeland Village Holdings, Inc., Monte Oro Resources & Energy, Inc. and members of the Apex Mining’s board of directors and officers.
On Wednesday, Apex Mining shares rose by 6.62% or nine centavos to close at P1.45 apiece.
Apex Mining’s consolidated revenues grew by 9% to P5 billion as of the third quarter of 2021, from P4.6 billion in the same period the year before.
However, the nine-month bottom line showed a net loss of P136 million from P991.3 million in the same period in 2020. — Luisa Maria Jacinta C. Jocson