Metals X (ASX:MLX), an Australian exploration company focused on tin production, has launched a pre-conditional voluntary cash partial offer to acquire 28% of Greentech Technology (195:HKG). This move follows an initial takeover offer made in October 2024. Metals X is offering HK$0.35 ($0.069) per share, targeting up to 382.48 million shares of Greentech. The company stated that Greentech has not adequately addressed pre-conditions requested by Metals X, prompting the progression to a partial offer.
The pre-conditions include assurances regarding Greentech’s financial results for the six months ending June 2024, and confirmation of no significant contingent liabilities or onerous contracts. Greentech, through its subsidiary Yunnan Tin, co-owns and operates the Renison Tin Mine under the Bluestone Mines Tasmania joint venture, holding equal interest with its partner. Metals X currently owns no Greentech shares directly, with associated parties holding only a minor stake of 0.06%. The initial unsolicited approach by Metals X in October 2024 proposed acquiring Greentech at HK$0.28 per share and cancelling outstanding options at an equivalent price, subject to Hong Kong regulations. Greentech has approximately 1.37 billion shares issued.
