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News & Tips: Centamin & John Laing

Endeavour Mining given extension to secure Centamin deal
December 24, 2019

Yesterday's Santa rally came to a halt with the blue-chip index down a couple of points in morning trade.

IC TIP UPDATES:

Centamin (CEY) has given suitor Endeavour Mining (CAN:EDV) a reprieve and asked the Takeover Panel to extend the deadline for the Canadian company’s firm offer from 31 December 31 to 14 January. Endeavour proposed an all-share combination at the start of the month giving Centamin shareholders 47 per cent of the new company. Centamin quickly rejected this as offering little benefit for shareholders. A new agreement limits Endeavour to proposing a merger only if it has been approved by the Centamin board. Endeavour said it welcomed the request to move the deadline. Buy Centamin.

 

John Laing (JLG) has agreed to invest A$51.5m (around £28m) in the East Rockingham Resource Recovery Facility in Perth, Australia. This will take John Laing’s total investment commitment in 2019 to around £185m. The infrastructure investor said that the utility scale, A$510.8m waste-to-energy plant will help to address Australia’s rising waste management problem by diverting waste from landfill. It will also generate 28.96MW of renewable baseload energy to support Western Australia’s electricity network. Buy.