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SolGold PLC on Friday said it has rejected a preliminary and conditional non-binding proposal from Jiangxi Copper Company Ltd.
Shares in the Ecuador-focused gold and copper mining firm jumped 14% to 29.94 pence each on Friday in London.
Jiangxi Copper’s offer is at 26 pence per ordinary share. An earlier non-binding proposal from JCC was unanimously rejected by SolGold’s board on November 23.
‘The SolGold board remains confident in SolGold’s standalone prospects,’ the company said in a statement. It advises shareholders to take no action and will provide a further announcement ‘when appropriate.’
Under the Takeover Code, Jiangxi has until GMT 17:00 on December 26 to announce its intention to make or not to make an offer.
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