Triple Plate Junction (LON:TPJ) is no longer in an offer period following Newmont Mining’s (NYSE:NEM, ASX:NEM) failed takeover bid in early November.
This morning Newmont told investors that it did not intend to make another offer for Triple Plate.
Newmont made an offer worth 3.5 pence per share back in November. Triple Plate’s management unanimously rejected the offer, because they didn’t think the deal gave fair value to shareholders.
“As it has not been possible to reach an agreement on an offer, it is now time for the board to focus its energies and attention on realising the value in its assets,” Triple Plate said in a statement this morning.
Triple Plate is playing with the big boys down in the south Pacific, having joint ventures with three of the world’s largest gold miners - Newmont, Newcrest Mining (ASX:NCM) and Barrick Gold (NYSE:ABX, TSX:ABX).
The company highlighted that three of its four joint ventures will see drilling in 2011.
“The board looks forward to being able to announce the results in due course, however it is unlikely that any significant data will be available until late January 2011 when the first results from the Crater Mountain project are expected.”
“This would be followed by work at Manus Island and Hides Creek (Morobe), the results of which are not expected until much later in the year.”
With TPJ shares rallying towards 7 pence in recent weeks- largely prompted by the Newmont offer and exploration results from Morobe - a fair chunk of bid premium was taken off the table this morning.
The shares initially slipped 20 percent in early trades, from around 5 pence to 3.8 pence. They have since recovered somewhat and were last changing hands around 4.5 pence, down almost 10 percent on the day.