Aim- and ASX-listed Atlantic Lithium has declined a conditional and non-binding buyout bid from Assore International Holdings, its major shareholder, proposing a purchase of all Atlantic shares not currently under its ownership at 33p or A$0.63 per share.
An independent board committee, established specifically to review the offer, has concluded that the proposed price undervalues Atlantic. Hence, it is deemed not beneficial for the shareholders’ interests.
Neil Herbert, the chairperson of Atlantic, remarked, “Assore, a significant African mining entity, has been a crucial investor contributing to our success since our 2015 listing in London.
We aim to uphold our strong ties with Assore while advancing the Ewoyaa lithium project towards production.” Atlantic is actively developing the Ewoyaa lithium project located in Ghana.
