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Bezant Resources

  • BY: Andrew Hore |
  • POSTED: 18/03/2013 |

Bezant Resources plans to return 8p a share to shareholders.

A general meeting to gain shareholder approval will be held on 9 April and the cash paid by the end of April. The total cost will be £5.2m because Gold Fields will not receive any of the cash.

Gold Fields is the largest shareholder in Bezant with a 21.6% stake, for which it paid $7.5m to the company, and it intends to acquire the company’s Mankayan copper-gold project in the Philippines. If Gold Fields exercises its option to acquire Mankayan for $60.5m then a more substantial distribution could be made to all shareholders. The option runs out on 31 January 2014. A non-refundable option fee of $7m has been paid and an additional option fee of $2.5m to extend the date of the option. This leaves $51m payable if the acquisition goes ahead.

Bezant says that it will still have enough cash to explore the Eureka copper-gold project in Argentina.

At 24.75p a share, Bezant is valued at £20.5m.

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