Hunnu Coal has reported that Thai listed coal miner Banpuall cash takeover offer for the company at USD 1.80 per share has been declared unconditional.

Banpu now holds 124,501,027 shares in Hunnu representing a 50.18% stake in the company. Banpu also holds all of Hunnu 28.3 million options. The offer values Hunnu at USD 477 million. The offer price was pitched at a 30% premium to last closing price of Hunnu before a trading halt on halt on September 9.

Hunnu has built a JORC resource of over 843 million tonnes of coal resources across its tenements in Mongolia. The projects include coking and thermal coal deposits in the South Gobi and Middle Gobi Coal Provinces.

(Sourced from www.proactiveinvestors.com.au)