Offer increased as second largest shareholder capitulates, delisting to follow soon
As expected, the second-largest shareholder in iron ore minnow Red Hawk Mining capitulated yesterday, throwing its chips on the table to accept the dangling carrot of an increased cash offer from major miner Fortescue.OCJ Investments had earlier accepted a call option with Fortescue for a 4.99% stake in Red Hawk, and following New Zealand's Todd Corporation's acceptance yesterday, it became clear there really was no viable alternative. OCJ had to accept for its full 21.
4 billion tonne Pilbara Iron Ore project – a massive but lower-grade stranded development.The-then Flinders board said the PIOP was challenging, and with a lack of capital support from the ASX, low levels of trading, the concentrated shareholding and listing costs, it formed a unanimous view that remaining public was "ineffective" and less attractive to private equity and Asian and Middle Eastern investors.The company backed down, and Todd supported a share buyback at 7.
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