Canadian private equity firm Kinterra Capital has secured a small but significant victory in its takeover bid for Australian copper miner New World Resources (ASX: NWC), with the Takeovers Panel accepting an undertaking that New World will not issue shares to Central Asia Metals (LON: CAML) without prior approval.
The restriction applies to any issuance under the terms of a June 20 announcement and remains in effect for two months or until the panel concludes its investigation.
The move follows Kinterra’s application to the panel earlier this week, seeking interim and final orders to block the CAML placement. Kinterra alleges that CAML’s share purchases — from 5% to more than 12% between June 20 and June 27— were made using inside information, raising concerns about timing and disclosure practices.
CAML first agreed to acquire New World for A$0.053 per share in May. The offer was raised to…
