The board of Afferro Mining (AFF) has accepted a 120p-a-share takeover offer from strategic investor International Mining & Infrastructure (IMIC), comprising 80p a share in cash and a two-year convertible loan note worth 40p a share. The convertible note carries a coupon of 8 per cent, payable upon maturity.
IC TIP:
Await documents
at
78p
The deal, while slightly disappointing in terms of the convertible portion, is likely to conclude Afferro's long-running search for a suitor. As no additional parties seem likely to come forward this late in the game, we advise shareholders to take IMIC up on the offer.
