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New World Resources Faces Takeover Panel Decision on Control Proposals

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Takeovers Panel declines to declare unacceptable circumstances regarding competing bids for New World Resources.

New World Resources Limited (ASX:NWC), a company focused on mineral exploration and development, particularly in copper and gold projects, has been the subject of a Takeovers Panel decision regarding competing control proposals. The Panel has declined to make a declaration of unacceptable circumstances following an application from Kinterra Capital GP Corp II, acting for the Kinterra Critical Materials & Infrastructure Opportunities Fund II, LP (Kinterra). The application concerned potential issues arising from a proposed placement to Central Asia Metals PLC (CAML) and on-market acquisitions of NWC shares by CAML.

The core of the application questioned whether the proposed placement to CAML frustrated the auction for control of NWC. Additionally, concerns were raised about whether CAML’s on-market acquisitions of NWC shares on June 20, 2025, contravened the Corporations Act or undermined market efficiency. Specifically, CAML’s initial acquisition that day occurred at a price exceeding its then-proposed offer price before the market was notified of the increased offer.

The Takeovers Panel addressed the situation, noting that the termination of NWC’s proposed placement to CAML, announced on July 7, 2025, sufficiently alleviated concerns related to the placement. While the Panel acknowledged delays in notifying the market of CAML’s offer price increase, it concluded that the impact of these circumstances did not warrant a declaration of unacceptable circumstances.

Ultimately, the Panel determined that declining to make a declaration was not against the public interest. The sitting Panel, consisting of Sylvia Falzon, Jon Gidney, and Philippa Stone (President), will release its detailed reasons for the decision on the Takeovers Panel website in due course. This decision provides clarity amidst the ongoing control proposals from both CAML and Kinterra for New World Resources.

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