Bacanora Minerals (BCN) has rebutted an indicative reverse takeover offer from 19.8 per cent shareholder Rare Earth Minerals (REM). In dismissing the potential all-share bid, the lithium miner's board noted that the offer was below the six-month volume-weighted average share price and at a discount to the 100p-a-share price paid by REM in an off-market cash deal for 4.5m shares just last week.
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Bacanora non-executive chairman James Leahy added that the proposed offer "has the potential to impede the project's development going forward". Numis, which expects adjusted losses to peak in 2018, has set a sum-of-the-parts net asset value of 131p a share.
