New World Resources Limited (ASX: 03R), a company focused on the exploration and development of resource projects, announced that Kinterra Capital GP Corp II, acting as general partner of the Kinterra Critical Materials & Infrastructure Opportunities Fund II (Kinterra), has withdrawn its review application to the Takeovers Panel, dated 15 July 2025. The Acting President of the Panel has consented to this request. The application concerned on-market acquisitions of New World shares by Central Asia Metals PLC (CAML) on 20 June 2025, and whether these contravened the Corporations Act.
The withdrawal follows several key developments in the takeover battle for New World. On 17 July 2025, Kinterra increased its offer price to $0.066 per share, or $0.067 per share if Kinterra’s relevant interest in New World exceeded 30% by 5:00pm (AEST) on 24 July 2025. Subsequently, on 21 July 2025, New World’s board withdrew its previous recommendation of the CAML proposal.
New World announced that its board “now unanimously recommends that, in the absence of a superior proposal, shareholders ACCEPT the Kinterra Offer”. This decision came after receiving the revised Kinterra offer and the matching rights process under the bid implementation deed entered into with CAML. CAML then announced on 22 July 2025 that it was withdrawing its takeover offer for all ordinary shares in New World and intended to dispose of its New World shares by accepting the Kinterra Offer.
The Acting President of the Panel stated satisfaction that consenting to the application’s withdrawal is not against the public interest. As the application was withdrawn before a sitting Panel was appointed, no reasons will be published regarding this matter.
