https://www.myjoyonline.com/engineers-planners-acquire-shares-in-cardinal-resources-limited/-------https://www.myjoyonline.com/engineers-planners-acquire-shares-in-cardinal-resources-limited/
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Engineers & Planners is pleased to announce a conditional off-market cash offer to acquire all of the ordinary shares in Cardinal.

The Consideration of a $1.05 per share (the "Offer Price")for the shares of Cardinal on ASX, is five percent higher than both the recently revised Nord Gold and Shandong Gold Mining Offers of a $1.00. 

The offer values Cardinal at a $564,764,139.50 based on 100 per cent of the ordinary equity on issue.

The Offer represents a compelling opportunity for Cardinal shareholders to realise value and stimulate ownership of Ghanaian natural resources by a 100 per cent Ghanaian owned entity.

Engineers & Planners is a 100 per cent Ghanaian owned Mining and Construction company, headquartered in Accra, Ghana, with a 22 year proven track record of mining contracting and operational excellence in West Africa. E&P employs 3,000 mainly Ghanaian team members. 

Currently Engineers & Planners is contracted to two of the major gold mines in production in Ghana.

Engineers & Planners' formal Offer period will commence on 18th of November 2020 and be open until the close of trading (4pm Sydney time) on 31st December 2020, unless extended or withdrawn in accordance with the Corporations Act 2001 (Cth).

Background to the Offer

The Consideration of a $1.05 per share (the "Offer Price") represents a 59 per cent premium to the Binding Offer E&P made on 3 June, 2020to the Board of Cardinal Resources Ltd for the Ghanaian gold mining assets. 

This new, revised offer, this time for the shares of Cardinal on ASX, is five per cent higher than both the recently revised Nordgold and Shandong offers of a $1.00.

Why would you accept E&P's Offer over the rival Offers?  Not only do E&P offer the best price for your shares, we are also a proud Ghanaian company, 100 per cent owned by Ghanaians, and in the words of the CEO of Cardinal in a communication between us:

"It’s great to see a Ghanaian Company raise their hand and show an interest in what will be Ghana’s next multimillion-ounce gold mine,"   Mr Archie Koimtsidis, 27th April 2020.

We are committed to operating in Ghana specifically and West Africa generally, and have project development expertise and financial backing for the successful construction and commissioning of the Namdini project, to the benefit of the local community and all stakeholders.

The Namdini Gold Mine and Cardinal's Bolgatanga assets are in our ancestral area and we have intimate knowledge of the local communities, customs and urgent needs of our fellow Ghanaians.

The Government of Ghana has recently unambiguously stated that they want Ghanaian companies to own its prized natural resource assets. To emphasise this Ghana Infrastructure Investment Fund ("GIIF") recently took over the debt facility originally extended to Cardinal Resources Ltd by Sprott of Canada.  

We applaud this development and Engineers & Planners is now extending this goal by seeking to acquire one of the most promising gold mining assets in Ghana.

This offer, which will be subject to obtaining all usual and necessary approvals, including regulatory approvals in Australia (FIRB) and Ghana (including clarifications on the mandatory 10 per cent free carry equity participation of the Republic of Ghana in the Ghanaian companies holding the mining licenses, and tax treatment of change of control issues for corporate income tax), will support national asset development. 

Engineers & Planners is a local business with on the ground resources to start this project immediately, without delay, which will be considerably faster than any international third parties.  

Engineers & Planners is delighted to support Ghana with jobs for the local workforce; taxes for the benefit of the government; and local Ghanaian ownership. 

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.


DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.