It was the last day of trading on the ASX for mining company Consolidated Minerals (CSM) after being acquired by Palmary Enterprises earlier this month, ending the long spell of being a public listed company since 1969.
CSM was acquired by Palmary after its off-market takeover offer of $5 per share received acceptances of more than 90%. Palmary will now acquire the rest of the securities.
In a statement to the stock exchange, Consolidated Minerals said it plans to accelerate its growth strategy as an unlisted company – with the backing of its new owner, Palmary.
Underpinned by its existing manganese, chromite and nickel businesses – and now with the backing of a major international commodities and raw materials group – Consolidated said it would pursue a growth strategy through a combination of acquisition and expansions of its manganese and nickel businesses.
"The key difference is that this strategy will now be accelerated and significantly expanded thanks to the global networks, extensive asset base and greatly expanded range of opportunities that Palmary brings to the table, " managing director Rod Baxter said.
It will be suspended from Alternative Investment Market (AIM) of the London Stock Exchange from 12 February 2008.
But the company said it will continue to maintain the high standard of governance.
"Notwithstanding that it will no longer be listed on the ASX and AIM, Consolidated will continue to maintain the highest standards and disciplines with regard to its approach to corporate governance, social responsibility and disclosure," ConsMin said in a statement.
"We will continue to be value-driven company, with safety and high performance foremost among our values," managing director Rod Baxter said.
Shares in CSM finished up 3 cents at $4.94.
