Look who’s back: Nathan Tinkler returns with takeover bid for AQC
Nathan Tinkler is back in the coal game as part of a $1 a share takeover bid for Brisbane based Australian Pacific Coal, which owns the NSW Dartbrook mine.
One time billionaire Nathan Tinkler has taken a stake in Jameson Resources
Tinkler, who was declared bankrupt in 2017 after climbing to billionaire status during the mining boom, is associated with Pacific Premium Coal which has made the $50 million bid for the company.
The offer follows the collapse of a deal between from Trepang (AQC’s largest shareholder) to buy the Dartbrook mine. Australian Pacific Coal (known by its ASX code of AQC) then sought $100 million from its shareholders to pay out a debt with Trepang and other backers.
Other companies have been circling AQC, notably Nakevo Ltd, which was also a Tinkler company. M Resources had also proposed a joint venture to restart Dartbrook.
Dartbrook has been closed for more than 15 years but prices for thermal coal were currently above $US425 a tonne, making the project potentially viable.
AQC said it and Trepang had been in constructive discussions related to the future of AQC, particularly since AQC appeared to be in a position to repay its debt to Trepang.
But yesterday it received the $1 a share offer from the Tinkler associated PPC. Its share are currently trading at 34 cents.
AQC said the offer had conditions, including that AQC enter into a deal to convert Trepang’s debt into a 40 per cent stake in Dartbrook. If that didn’t work, PPC suggested it would repay all the debts held by Trepang.
“Given the non-binding proposal needs the support of Trepang to proceed … AQC requested urgent advice from Trepang as to whether Trepang is willing to support the non-binding indicative proposal and satisfy the pre-condition,” AQC said.
“A further response is awaited from Trepang.
“The company advises that the proposal is at an extremely early stage, is non-binding, conditional and requires full consideration.”
Tinkler’s became famous for his daring investments which started in 2006 when he raised $1 million for a down payment on a lease for the Middlemount mine in central Queensland. He later swapped that for a stake in the Brisbane mining company Macarthur Coal which he then sold for $441 million.
Later, he bought the Maules Creek deposit and floated Aston Resources.
He also was a one-time owner of the Newcastle Knights NRL club.
AQC’s shares are up more than 200 per cent in the past month.
